SOURCE: HCL Technologies

October 16, 2007 10:43 ET

HCL Technologies Appoints New CEO

SUNNYVALE, CA and NOIDA, INDIA--(Marketwire - October 16, 2007) - Shiv Nadar, Founder of HCL and Chairman, HCL Technologies, announced that Vineet Nayar, President, HCL Technologies, will assume the CEO chair, effective today. Shiv Nadar will be the Chairman and Chief Strategy Officer of HCL Technologies.

Commenting on the appointment, Shiv Nadar said, "HCL has been the Pioneer of Modern Computing in India. Three decades ago, six first generation entrepreneurs began their journey that created several landmarks in IT -- from shipping out the first PC in 1978 to Remote Infrastructure Management (RIM) in 2001. Over the years, we have developed time-tested ability to spot inflection points and have been ahead of the industry, and proactively adapting to the changing world dynamics."

HCL Technologies has also been a nurturing ground for several entrepreneurs and business leaders and the empowerment that the Employee First policy gives bright individuals in the company paves way for development of future leaders for the industry.

Vineet Nayar joined the company as a management trainee in 1985 and was appointed the President of HCL Comnet in 1994. Nadar added, "He took over as the company's President in 2005, and I slowly moved away from the daily operations of the company. It has always been important for me to place the company's interests over any individual. Vineet is the right candidate to lead the company at this juncture as the CEO and continue the momentum of growth we have had in the past two years.

"The board has felt that having both an executive chairman and a CEO would best serve the organization. I will continue to oversee the company's strategic initiatives through incubation of new ideas, promote good governance and ensure that the company is insulated from risks. I will also be overseeing the BPO business of the company as it needs more nurturing," Nadar continued.

Vineet Nayar, CEO of HCL Technologies, commented, "I have had a long and rich association with HCL where I have had the opportunities to be disruptive in my thinking and create differentiated models for growth. We will continue to drive the Transformational strategy and continue to focus on Trust, Transparency and Flexibility, that has created the differentiating factor in our customer engagements."

In his new role, Mr. Nadar would mentor the HCL core management team and provide Thought Leadership to them in their endeavour to be the most disruptive and transformational corporation providing technology-leveraged business solutions to corporations across the world. He will also focus on initiatives to bring the benefits of IT to every section of the society, in India and globally.

About HCL Technologies

HCL Technologies is one of India's leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business. The company leverages an extensive global offshore infrastructure and its global network of offices in 18 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences & Healthcare, Hi-Tech & Manufacturing, Telecom and Media & Entertainment (M&E). For the quarter ended 30th September 2007, HCL Technologies, along with its subsidiaries, had last twelve months (LTM) revenue of US $ 1.5 billion (Rs. 6363 crores) and employed 45,622 professionals. For more information, please visit www.hcltech.com

About HCL Enterprise

HCL Enterprise is a leading Global Technology and IT enterprise that comprises two companies listed in India -- HCL Technologies & HCL Infosystems. The 3-decade-old enterprise, founded in 1976, is one of India's original IT garage start-ups. Its range of offerings span Product Engineering, Custom & Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products. The HCL team comprises approximately 51,000 professionals of diverse nationalities, who operate from 18 countries including 360 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit www.hcl.in

Forward-looking Statements

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

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