HCL Tech has provided clarification with regards to news in media & related speculation about Mr. Vineet Nayar exiting the company. The company has informed BSE – "As a onetime exception to our stated policy of not responding to speculations and rumors, HCL Technologies confirms that Mr. Vineet Nayar is and will continue to be the Vice-Chairman and CEO of the Company and there is no change in the same." – (Updated on 19th June 2012)
This post earlier appeared as : Vineet Nayar may exit HCL Tech ( Posted on 18th June 2012).
HCL Tech may soon be heading for a leadership re-shuffle & management rejig, which may also include the exit of Vineet Nayar from the company. Rumors regarding Vineet quitting the company have been doing rounds since last one week, possibly being fuelled after Vineet sold off his entire stake in the company earlier this month. While there have been statements in media that the proceeds from the stake sale would go towards certain philanthropic aspirations, it is also being said that a part of funds may be used for some acquisition or funding of some new venture.
These reports and rumors can also be considered entirely baseless at this juncture. Vineet had recently been appointed as the Joint Managing Director (JMD) of the company for a period of 5 years, in a meeting of the Board of Directors of the Company held on May 14, 2012. He had joined the company in 1985 and has been heading the business as CEO since 2007.
Probable successors in case of Vineet Nayar’s exit: HCL has maintained a strong leadership pipeline that can ensure that the business can identify some one internally to fill the void after Vineet’s exit.
It is learnt that in event of Vineet exiting the company, the company may look at the following key executives as a part of the succession plan. They are all presently heading key business segments of the company.
- Steve Cardell is the president of HCL AXON and runs HCL’s Enteprise Applications Services practice.
- Anant Gupta is the President of HCL Technologies Infrastructure Services Division (HCLT ISD). In addition to this he has also been heading many strategic divisions within HCL Technologies like the delivery organizations of the company’s Consumer Services, Manufacturing, Public Services and Financial Services verticals, Continental Europe geography and the Ecosystem & Business Incubation (EBI) group.
- Rahul Singh is President of HCL’s Business Services and is responsible for leading the global business and operations of this division. As head of Business Services Rahul is responsible for the execution of the business growth strategy and will ensure operational excellence across the division.
– Research Desk
(Disclaimer: This update is based on unconfirmed reports, rumors and input generated from our readers. There is no official communication from the company on this news.)
The post has been updated on 19th June 2012, with a clarification from the company as provided to BSE on the matter. The update has been appended to the post.
Picture: http://twitter.com/vineetnayar