Infosys Ltd on Saturday announced the appointment of Salil S Parekh, a former top executive of the global IT services firm Capgemini, as its new full-time Chief Executive Officer and Managing Director.
The search for a new CEO at Infosys Ltd was necessitated by the premature exit of former CEO Vishal Sikka in August this year following differences with a group of founder-investors led by the iconic founder of the company, N R Narayana Murthy. Following the exit of Sikka, Infosys Ltd had begun a search for a new CEO while bringing back former CEO Nandan Nilekani as the Executive Chairman of the reconstituted Board of the company and appointing Chief Operating Officer (COO) Pravin Rao as the interim CEO. With the appointment of Parekh as the new CEO, Rao will return to being COO, the company said on Saturday.
Parekh will take over on January 2, 2018.
“We are delighted to have Salil joining as CEO and 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. The Board believes that he is the right person to lead Infosys at this transformative time in our industry,’’ Nandan Nilekani, chairman of the Infosys Ltd Board of Directors said on Saturday in an official statement.
“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 Kiran Mazumdar Shaw, Chairperson of the Nomination and Remuneration Committee in the Infosys Board.
Parekh was earlier a member of the Group Executive Board at Capgemini. An IIT-Bombay alumnus, he holds Master’s degrees in computer science and mechanical engineering from Cornell University in the United States.
The Paris-headquartered Capgemini announced Parekh’s departure, saying, “Capgemini and Salil Parekh have agreed on Salil’s departure. Salil has relinquished his responsibilities within the Group and his managerial transition is already in place. His departure will be effective on January 1,” the company said.
“Salil contributed in particular to the development of the group in India and in the US,” Chairman and Chief Executive Officer of Capgemini Group, Paul Hermellin, said. Parekh joined Capgemini in 2000 as a result of the acquisition of the consulting division of Ernst and Young and occupied various leadership positions in the group.