Hours before it announced its second quarter results, HCL Technologies on Friday announced that it has a new chief executive officer. The company said its CEO Anant Gupta has resigned and will be replaced by C Vijayakumar who was the chief operating officer. On his part, Gupta took little time to announce the launch of Techcelx, a business acceleration and technology investment firm focused on developing digital products and platforms for enterprises.
Though the succession was planned, the timing took everyone by surprise, including a host of senior managers at HCL. At HCL Technologies, usually a six-month transition period is given to the incumbent CEO, who for the while holds the position of COO. In Vijayakumar’s case, it was just four months.
“What we know is that in July 2016, Vijayakumar was announced as the next CEO of the company and Gupta was supposed to hand over the reigns in December. But this was a sudden decision which we came to know about after the board meeting on Friday morning. Chairman Shiv Nadar and the board members took the decision to accept Gupta’s resignation,” said a company insider. Sources also added that in the past 48 hours, during the meetings of the boards of directors, the decision was taken.
While some people claimed the decision was taken by the top boss, Nadar, who was apparently unhappy with the company’s overall performance, others said it was Gupta who wanted an early departure because he was on the verge of launching his own start-up.
“Nadar holds a significant chunk of the company shares and he was concerned with the growth of the company for the past few quarters,” said a source who has worked with HCL Technologies in the recent past.
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