Severe condition for HCL, 2 senior executives Rajeev Sawhney & Pradeep Nair to exit

India’s fourth largest IT service company is at very crucial stage as two of its senior executives take exit from the company. HCL’s official spokes person assured the exit of Rajeev Sawhney and Pradeep Nair, president of HCL’s operations in Europe, global head for HCL’s Government business and senior vice-president heading the healthcare vertical respectively. Both the executives together had a responsibility of one third of the company which was about $4.3-billion.

28% of HCL sale is contributed by Europe and 12% company business by healthcare vertical.

This exit for HCL came when company was looking to win multi-billion dollar as first-generation technology outsourcing contracts coming up for renewal in the US and Europe.

Nair’s exit is crucial for the company because it came when the healthcare sector is expected to open up the opportunities as technology spending related to healthcare begin in US.

In the past 3 years Healthcare has been growing more than 50 percent. HCL gets $1 billion business from Europe. The Company has clients like Statoil, Danfoss, Electrolux, UPM and Nokia in Europe. HCL is majorly known for its employee initiative ‘Employees First, Customer Second’.

Besides this Virender Aggarwal, president at the Emerging Markets left the company to lead Chennai-based Ramco Systems as its CEO. And B Ravi Shankar, senior vice-president, human resources, also quit for joining smaller rival Mindtree.

HCL has been managing growth rather than the peers. A growth of 13.9% was posted in September quarter of July which was about Rs 6, 901 crore. From the Bombay Stock Exchange company have gained 60% shares.

Posted in: IT News