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HindustanTimes Sun,20 Apr 2014

Vineet Nayar steps down from HCL Board

HT Correspondent, Hindustan Times  New Delhi, December 27, 2013
First Published: 23:41 IST(27/12/2013) | Last Updated: 23:44 IST(27/12/2013)

Vineet Nayar, the non-executive vice-chairman of India’s fourth largest software services firm HCL Technologies, on Friday announced to step down from the company’s board, though he will continue his association with the firm as a senior advisor.

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Nayar, had on August this year relinquished all decision-making roles within the company as he turned into a non-executive vice-chairman. In January this year, he had stepped down from the post of chief executive officer to make way for the next generation of leaders to steer the company.

"Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation has inspired many others to think and dream big. His contribution to HCL and the board has been a benchmark for others to follow and we all are very proud of him," said Shiv Nadar, chief strategy officer and chairman, HCL Technologies.

Nayar had sold his entire stock holding in HCL Tech for about Rs134 crore in June 2012 and used the money for his non-profit organisation Sampark.

"I am grateful to Shiv, board members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and vice-chairman," Nayar said and added that as he pursues the dream of creating a ‘Million Smiles’ through Sampark Foundation, "…I carry with me goodwill, best wishes and lots of learning".

Nayar had joined HCL in 1985 after getting his MBA from XLRI.

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