HCL Tech CFO Resignation: There is a stir in the shares of HCL Technologies, one of the top IT companies of India, today. Ever since the news of the resignation of the company’s CEO Prateek Agarwal came, the shares have been fluctuating. However, HCL Tech has also announced the name of Shiv Walia as the new CFO on Monday night, who will take over as the CFO of the company from September 6. In the Sunday meeting of HCL, the Audit Committee and Remuneration Committee jointly approved the recommendation of the name of Shiv Walia.
Know about HCL Tech’s new CFO Shiv Walia
Shiv Walia, who has been working in HCL Tech for more than three decades, will now take over as CFO. The company’s board took this decision in the Board of Directors meeting on Sunday. Currently, Shiv Walia is the Corporate Vice President of HCL Tech and the Global Head of Financial Planning-Analysis and Business Finance. He has been associated with HCL since 1993 and after spending more than 30 years in the company, he is now coming to one of the top management positions.
This is how HCL Tech shares performed
Today, HCL Tech’s stock opened at Rs 1680 and during the day’s trading it rose to Rs 1686.50 while it showed a low of Rs 1669.20. After the morning trade opened, the stock fell due to this news and at present the stock is at Rs 1677.85 per share and is almost flat. The all-time high level of the company’s stock is Rs 1697.35 and this year HCL Tech has given a return of 42.34 percent. In the last 12 months, it has given a return of 14.49 percent.
Shiv Walia has decades of experience at HCL
Shiv Walia has given the benefit of his experience in many markets of HCL Tech including India, Singapore, Australia and United Kingdom (UK). The demand for semiconductor services of HCL Tech has increased at the global level and in the coming 3-4 years, the company is working with the intention of increasing the service in the semiconductor sector. HCL Tech of HCL Group is among the few companies that have applied under the Scheme for Compound Semiconductors to set up an electronic chip plant. The company is expecting growth in areas like cloud services, data, GenAI and cyber security in the coming days. Shiv Walia is well aware that keeping the company on the path of progress during the current challenges for the IT sector can be challenging. The market cap of HCL Technologies is currently Rs 4.54 lakh crore and is ranked third among the top Indian IT companies. (Source- Forbes July 2024 Report)
What did HCL Tech CEO & MD C Vijayakumar say?
HCL Tech CEO and MD C Vijayakumar said that "Shiv Walia has been an integral part of our success for many years and has a deep knowledge of HCL Tech’s customers and business." Along with this C Vijaykumar also said that "I would also like to thank Pratik Agarwal for his 12-year long contribution to HCL Tech." The news of Prateek Agarwal leaving the post of CFO came on August 18. Prateek Agarwal has been working as the CFO of HCL Tech since 2018 and he will leave his post next month on 6 September 2024.
HCL Tech CEO C Vijayakumar is the country’s richest CEO
Let us tell you that in the financial year 2024, HCL Tech CEO C Vijaykumar has become the highest-paid CEO of Indian IT companies. By increasing his salary by more than 190 percent annually, the company has increased his package to $ 10.06 lakh i.e. around Rs 84.16 crore.
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