HCL's new chairman selected
New Delhi : Ajai Chowdhry, president and CEO of HCL Infosystems, will step into
Shiv Nadar's shoes as chairman of the company. The company's board decided his appointment
on Friday. Mr Nadar will retain his equity stake in the company. He is the chairman and
chief executive of HCL Technologies, the company on which he wants to concentrate his
attention now.In his role as president and CEO, Mr Chowdhry propelled HCL Infosystem's
turnover growth to Rs 950 crore last fiscal, from Rs 400.6 crore in 1994. He began the
company's globalisation programme, and his vision is to make the company transcend
geographical boundaries and make it a powerful global solutions player.
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Rajeev Karwal quits LG
New Delhi : Rajeev Karwal, the highly visible vice president marketing of LG
Electronics India Ltd, has resigned from the company. He has gone on leave and will
officially cease to be an employee from the end of November 1999. The reason he has given
to LG for his resignation is his desire to start his own business.
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Citigroup Inc's
chairman in India
Mumbai : Citigroup's 66-year-old chairman and co-CEO Stanford I Weill is visiting
India to take a look at business here and, incidentally, to remarry his wife, Joan, in the
Indian tradition at Agra. At the business end, he has expressed his interest in Citi
entering the insurance sector in India, but is not at all happy with the 26 per cent cap
on equity holding by foreign partners in the sector. He's happy enough at a personal
level, though, with what he calls his 26 per cent stake in his married joint venture. The
re-wedding, to take place on Saturday 6 November, will be attended by Citibankers and some
friends in India and will be accompanied by the chanting of shlokas. He will be clad in a
dhoti.
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