Noida-based HCL Technologies has said its Board of Directors has approved the resignation of Shiv Nadar as the Managing Director and appointed him as the Chairman Emeritus and Strategic Advisor to the board.
According to its regulatory filing made to the Bombay Stock Exchange C. Vijayakumar has been appointed as the Managing Director of HCL Technologies. "Shiv Nadar, Chief Strategy Officer & Managing Director of the Company, on completing 76 years of age, has tendered his resignation as the Managing Director as well as the Director of the Company with effect from close of business hours on July 19, 2021," the filing mentioned.
HCL Tech statement read as flows: "In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the 'Nomination & Remuneration Committee', has approved the appointment of Shiv Nadar as the 'Chairman Emeritus and Strategic Advisor to the Board' for a term of five years with effect from July 20, 2021. The payment of remuneration or providing any facilities under this role will be subject to the approval of the shareholders."
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