Finance

Infosys appoints Salil Parekh as Chief Executive

Infosys appoints Salil Parekh as Chief Executive

Infosys, India's second largest IT services company, on Saturday announced that it has appointed Salil S Parekh as its new chief executive officer (CEO) and Managing Director (MD).

Mr Parekh joins Infosys from Capgemini where he was a member of the group executive board.

A major one would involve maintaining peace between the founders and the management, they said, adding that Parekh's performance would also depend on the how much independence he gets in decision making. "I would like to thank Salil for his involvement in the Capgemini journey. My best wishes to him". His exit and the prolonged public spat led to a reshuffling of the Infosys' board with Nandan Nilekani, a co-founder and former CEO, returning as non-executive chairman.

1- 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. He comes in with the reputation of being a leader adept at executing well in the world of IT services, which is a flawless fit for Infosys and its co-founders.

Infosys Chairman Nandan Nilekani noted that Parekh has almost three decades of global experience in the IT services industry, and a "strong track record of executing business turnarounds and managing very successful acquisitions". He has almost 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", said Nandan Nilekani, Chairman, Infosys. "The board is also grateful to Pravin for his leadership during this period of transition", Nilekani added. He also will be the second outsider to be named Infosys CEO after Sikka, who stepped down citing unwarranted interference from company promoters.

Parekh, who is now based out of Mumbai, will relocate to Bengaluru, which houses Infosys's headquarters. Capgemini appointed two chief operating officers in October. The Bangalore-based company has already cut its revenue growth forecast for the year to 5.5% to 6.5%, from 6.5% to 8.5%. However, Capgemini's market cap of €16.35 billion ($19.45 billion) is less than Infosys's market cap of $33.6 billion.

4- Parekh worked with Ernst & Young as a Partner from 1992 to 2000.

He took the firm's India team from 800 people to 80,000, and acquired iGATE Corporation and few other companies over the years, Business Standard reported. He had been with the company for 17 years.