Vineet Nayar is HCL Tech V-C | business | Hindustan Times
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Vineet Nayar is HCL Tech V-C

Software billionaire Shiv Nadar elevated CEO Vineet Nayar of HCL Technologies as the company’s vice-chairman on Wednesday as the group’s flagship reported a 3.1 per cent year-on-year rise in its net profit at Rs 331 crore for the July-September first quarter. HTreports. Logging profits

business Updated: Oct 21, 2010 02:06 IST
HT Correspondent

Software billionaire Shiv Nadar elevated CEO Vineet Nayar of HCL Technologies as the company’s vice-chairman on Wednesday as the group’s flagship reported a 3.1 per cent year-on-year rise in its net profit at Rs 331 crore for the July-September first quarter.

“Vineet’s dedication to the success of HCL Technologies has catapulted the company to a position of unparalleled market and thought leadership today. He has an exceptional vision for the company moving forward and I am confident that in this new additional role he will continue to take the company to new heights,” said Shiv Nadar, chairman and chief strategy officer.

Nayar, who takes charge from November 1, will continue to be the CEO and whole-time director in the company.

Though not a founder, Nayar, described by many as Nadar’s “blue-eyed boy” has had a dream run since joining the group as a management trainee in 1985. Nadar made way for him to be CEO in 2007.

However, Nayar denied that he was being groomed to ultimately step into the shoes of Shiv Nadar and in future take over as chairman of the company.

“I don’t see that happening,” he told Hindustan Times, while describing Nadar as part of “a rare breed” of founders who allowed professional managers to fill his shoes.

“Most of the promoters cannot get their fingers off their businesses. Shiv is still the best brain in IT business, whom I consult on strategy. I think he is the chairman for life for he is the guy who has created it. It is just an honour that the board has made me the vice-chairman and that’s the way I take it,” explained Nayar.

The company said there was growth in all its business verticals with retail, healthcare and financial services posting double-digit growth but profits were eroded by a stronger rupee that cut into dollar earnings. During the quarter HCL Technologies made a net addition of 5,661 employees taking its total headcount to 70,218.

The firm reported a 22 per cent jump in its revenues at Rs 3,708 crore for July-September. It also proposed a dividend of R1.50 per equity share.