4-month hunt ends: Infy names Salil Parekh CEO

Infosys appoints Salil S Parekh as CEO and MD

Parekh, who is joining from consultancy firm Capgemini where he was a member of its group executive team, has been given a 5-year term effective January 2, Infosys said in a statement.

Infosys said today that its Board of Directors has appointed Salil S Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the company effective January 2, 2018. The post of full-time CEO of Infosys was empty since the resignation of the Vishal Sikka on 18th August.

Sikka had come under fire from some founders over his style of corporate governance and salary increases for top executives.

Infosys Chairman Nandan Nilekani has stressed that the company will continue looking at acquisitions to accelerate its pivot to new technologies, as it embarks on a strategy of building platforms for its customers that bundle software products with services. "He has a strong track record of executing business turnarounds and managing very successful acquisitions", Nilekani said in the press release. "The Board believes that he is the right person to lead the company at this transformative time in our industry". Prior to this appointment, Mr Parekh was an executive at consultancy firm Capgemini. Like Infosys, Capgemini too is a global consulting, technology and IT outsourcing company with its headquarters in Paris, France.

Sanchit Vir Gogia, CEO and Chief Analyst at Greyhound Research said that Salil is a great choice, with a great hold on the yesterday, today and tomorrow of the business.

On Saturday, Capgemini cleared that indeed Parekh would be leaving the position in the company to seek better opportunities at Infosys, from January 1, 2018.

He had been associated with Capgemini Parekh for over 25 years now. Sikka, who joined from German software maker SAP SE in 2014, was the first outsider to be appointed CEO of the Bengaluru-headquartered company. "He has relinquished his responsibilities within the group and his managerial transition is already in place", said the French company.

Parekh has a Bachelor of Technology (B.Tech.) degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay (IIT-B) which he completed in 1986.

The Euro 12.5-billion ($14.9 billion) Capgemini is a 50-year-old firm with about 200,000 employees in 40 countries the world over.

"So Infosys appears to have played it safe as the company a bad experience of earlier appointing an American CEO based out of USA", said Shriram Subramanian, founder and managing director of proxy firm InGovern Research.

"The only thing that is common between Vishal and him that they had not been the CEO of a publicly listed firm before their appointment to Infosys".

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