Vineet Nayar, who as CEO popularised the idea of ‘Employee First’ at HCL Technologies, is retiring from the company to spend more time on philanthropic work that he supports. Nayar is the vice chairman at HCL Technologies, India’s fourth-largest software services provider, where he has been a director from 2008.
HCL TechnologiesÂ also named Nayar senior advisor to both HCL Tech and its holdong company HCL Corporation, in a statement to BSE, after close of Mumbai trading on Friday. “As I pursue my dream, of creating a Million Smiles through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning. I also hope to continue to add value to both HCL Technologies and HCL Corporation through my continued association,” Nayar said in the statement. His retirement is not entirely a surprise, as he had already stepped down as CEO earlier this year. “See, he was not in an operational role, so operationally there would be no difference,” said Shashi Bhusan, an analyst at brokerage Prabhudas Lilladher in Mumbai. “The company became one of the best performing IT players under him. He was like a one-man army behind the company,” he said.
On Nayar’s watch, HCL Technologies’ revenues grew from $1.3 billion to $4.2 billion in five years, and the employee base tripled. In July 2012, Nayar sold all 27 lakh shares held by him in the company for Rs133.58 crore, among other reasons for supporting work at Sampark Foundation, which he founded. (Economictimes)