News Worms
News Worms


Salil Parekh to head Infosys as CEO and MD

Salil Parekh to head Infosys as CEO and MD

He has a strong track record of executing business turnarounds and managing very successful acquisitions, " said Nandan Nilekani, Chairman of Infosys Board.

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.

Tech Mahindra's Chief Executive C.P. Gurnani said as Parekh handled global services for Capgemini and knows how to manage people, he would be able to adopt to Infosys culture.

Parekh, who has Masters degrees in computer science and mechanical engineering from Cornell University in the U.S. and a B. Tech degree in aeronautical engineering from IIT-Bombay, joined Capgemini in 2000 when it acquired the consulting division of Ernst & Young (E&Y), the London-based global accounting firm, and occupied leadership positions in the group during his 17-year-long stint.

Then the co-founder, Nilekani returned to Infosys as a non-executive Chairman to find a capable CEO for the company, reforming the Board as well as firming the business side.

Salil has a great eye for detail, and is a good conversation holder on digital, cloud and the IT modernisation story, said Gogia.

Nilekani has also since said that he is convinced that Sikka and Seshasayee did no wrong in running Infosys.

The appointment ends a almost four-month long search for the top job at India's second largest IT services firm. Described by peers as softspoken and firm, he is now based in Mumbai.

"I am happy that Infosys has appointed Parekh as the CEO. His departure will be effective on January 1", the company said. "He has relinquished his responsibilities within the group and his managerial transition is already in place", said the French company.

Capgemini reported €12.5 billion ($14.9 billion) in revenue for the last year as against Infosys ending with $10.2 billion in revenue for the year ended March 2017.

Parekh has been appointed for a five-year term effective January 2, according to an Infosys filing to exchanges.

Ms. Kiran Mazumdar-Shaw, Chairperson of the Nomination & Remuneration Committee, stated, "After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD".

"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.

Infosys will also hope that Parekh's background in the financial services industry throughout his career will help it garner more deals in the BFSI sector across Europe and North America.

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