Corporate Movements

Sheshadri to be new Managing Director of HCL Infosystems

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IT services and distribution company HCL Infosystems has announced that Premkumar Sheshadri, Executive Vice Chairman, will take over as the new Managing Director of the company.

The development follows the resignation of Harshvardhan Chitale, the former MD and CEO of the company.

In FY13-14 the company undertook a restructuring exercise to focus on the growth businesses of distribution and services, while exiting its loss making computing products and hardware solutions businesses. Currently, it is currently in the last phase of its major restructuring.

HCL Infosystems, which posted Rs 1,683 crore revenue for the quarter ending 30 September, 2014, has warned investors that its profits and performance will take a beating due to the restructuring.

Harsh, who spent four years at HCL Infosystems, will be looking for a new corporate opportunity.

In September 2014, Premkumar was appointed as the executive vice chairman of the company. At HCL Technologies, he headed the over $1 billion dollars in revenue Financial Services and Healthcare verticals along with corporate alliances, partnerships and global expansion.

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