In a move that’s being perceived as giving more power to their heirs, the promoters of two major IT powerhouses, Wipro and HCL, have elevated their kin to more responsible positions.
Roshni Nadar, the daughter of HCL founder Shiv Nadar, has become the executive director and CEO of HCL Corporation. This closely-held company owns 54.47 per cent of HCL Infosystems and 68.2 per cent of HCL Technologies. Roshni, who returned from the US in October 2008, was involved with HCL Corporation till April before taking over as executive director and CEO from her father who will continue as chairman. An MBA in social enterprise management and strategy from the Kellogg Graduate School of Management, Roshni will be responsible for strategic decision-making regarding the future direction of HCL Corporation.
However, Roshni will be involved only in HCL Corporation and not in HCL Infosystems or HCL Technologies. Both these companies have strong leadership in the likes of Vineet Nayar (HCL Technologies) and Ajai Chowdhry (HCL Infosystems).
In a similar move, Rishad Premji, the elder son of Wipro Chairman Azim Premji, has been shifted from the financial services practice to the company’s treasury and investor relations wing as general manager.
An MBA from Harvard Business School, Rishad, 32, joined the company almost two years ago as a business manager in the banking and finance division which was then headed by Girish Paranjpe, the present joint CEO of the company’s IT business. In his new role, Rishad will report to Vice-president and Corporate Treasurer Rajendra K Shreemal. Industry analysts point out that Wipro is adhering to its high corporate standards by treating the chairman’s son at par with other employees.
Taking these decisions, incidentally, is easy as the promoters of both these companies have a controlling stake in their respective enterprises. While HCL Corporation is owned by Nadar, Premji holds 79.4 per cent (as on December 2008) in Wipro.