Infosys Board of Directors appointed Salil S Parekh as the new chief executive officer and managing director of the second biggest IT company in India. Parekh will assume office from January 2, 2018 for a period of 5 years, a statement filed by the company to stock exchanges mentioned.
The appointment is made based on the recommendation of the Nomination and Remuneration Committee which concluded its global search for a CEO and MD, the company statement mentioned. The Committee, chaired by Kiran Mazumdar-Shaw, took two months to find a replacement for the previous Infosys CEO Vishal Sikka.
"We are delighted to have Salil joining as the 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," said Infosys Chairman Nandan Nilekani on the appointment.
Parekh is a Member of the Group Executive Board at the Paris-based IT services company Capgemini. He holds 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. He also will be the second outsider to be named Infosys CEO after Sikka, who stepped down citing unwarranted interference from company promoters.
Meanwhile, U B Pravin Rao has been reinstated as the Chief Operating Officer and Whole Time Director of Infosys. He has been working as the Interim CEO and MD of Infosys since Sikka's resignation. He will complete his tenure as a Whole Time Director on August 17, 2022.
In the company statement, Nilekani thanked Rao on behalf of the Board 'for his leadership during this period of transition'.