Infosys Announces Salil Parekh as New CEO and MD
Capgemini executive Salil Parekh will join Infosys on Jan. 2, 2018, the company said in a statement.
The hunt for the new chief executive officer of Infosys has finally ended, with the Indian technology company announcing Salil Parekh as the CEO and managing director from Jan. 2, 2018.
Nandan Nilekani, the Chairman of Infosys Board, said in a regulatory filing with the Bombay Stock Exchange on Dec. 2 that the board thinks he is the right person to lead the company. “We are delighted to have Salil joining as the CEO & MD of Infosys,” Nilekani said. “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.”
The appointment has been made for a period of five years, the company stated, adding that the decision was made based on the recommendation of the Nomination and Remuneration Committee.
Parekh will take over from UB Pravin Rao, who was appointed interim MD and CEO in August after Vishal Sikka resigned from the post, following acrimonious exchanges with founder N.R. Narayana Murthy. Infosys co-founder Nikelani then took over as the non-executive Chairman with an aim of finding a new CEO, reconstituting its Board and regaining investors’ confidence.
Parekh is a member of the Group Executive Board at French IT services company Capgemini. He holds a Master of Engineering degree in Computer Science and Mechanical Engineering from Cornell University and a B.Tech degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay.
Kiran Mazumdar-Shaw, an Independent Director at Infosys, said, “After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD. 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.”
Parekh joined Capgemini in 2000 when the consulting division of Ernst and Young was acquired by Capgemini. He occupied several leadership positions in the group.
Capgemini released a statement on Dec. 2, announcing Parekh’s departure from the company’s board on January 1, 2018. “I would like to thank Salil for his involvement in the Capgemini journey. Salil contributed in particular to the development of the Group in India and in the US,” Paul Hermelin, the Chairman and Chief Executive Officer of Capgemini Group, said in a statement.