“Infosys Board” appoints Salil S Parekh as company CEO and MD
Ending the speculation, India’s second largest IT services company, Infosys’ Board of Directors on appointed Saturday Salil S Parekh as Chief Executive Officer and Managing Director with effect from January 2.
Parekh, an industry veteran having more than 25 years of experience, joins the IT behemoth from Capgemini, where he is a member of the Group Executive Board.
Parekh has Master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University, and a Bachelor of Technology degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay.
Commenting on the appointment of Parekh, Infosys Chairman Nandan Nilekani said the Board is delighted to have Salil joining as the CEO & MD of Infosys.
“He has nearly three decades of global experience in the IT services industry. He has a strong track record of executing business turnarounds and managing very successful acquisitions,” he said in a statement.
Nilekani said the Board believes that he is the right person to lead Infosys at this transformative time in our industry. “The Board is also grateful to Pravin for his leadership during this period of transition,” he said.
Infosys states that, U B Pravin Rao will step down as the interim CEO and Managing Director with effect from January 2, 2018 and will continue as Chief Operating Officer and a whole-time Director of the Company. Nandan Nilekani will continue as the non-executive chairman of the company.
Chairperson of the Nomination and Remuneration Committee of Infosys Kiran Mazumdar-Shaw said Salil as the CEO & MD comes after a comprehensive global search effort.
“He was the top choice from a pool of highly qualified candidates. With his strong track record and extensive experience, we believe, we have the right person to lead Infosys,” said Shaw.
Earlier, some names, including that of former Infosys executive Ashok Vemuri, cropped up in the media, but he reportedly expressed his unwillingness to accept the job.
Vemuri had quit Infosys in 2014 after Vishal Sikka was brought in as the company’s CEO and managing director.
According to analysts, the latest development is expected to erase the bad image of the company after bitter war of words between former CEO Vishal Sikka and the founder members, including N R Narayana Murthy.
The event culminated Sikka’s resignation from the post of MD and CEO of Infosys on August 18 and the appointment of Rao as interim CEO and MD. The incident affected the Infosys stock and it later recovered after the appointment of Nilekani as the Chairman.