Monday, 11 December, 2017

Infosys names Capgemini senior executive Salil Parekh new CEO & MD

Infosys Board appoints Salil Parekh as company CEO and MD Infosys appoints Salil S Parekh as CEO: Some key facts
Lindsey Cook | 03 December, 2017, 02:08

Infosys has appointed Salil Parekh chief executive officer (CEO) and managing director (MD) of the company with effect from January 2 next year.

Mean while, the former CEO and MD of Infosys, U.B. Pravin Rao will step down to make place for the new boss in office but shall continue to serve as the Chief Operating Officer and an all-time Director of the company. He was a partner in global tax and audit firm Ernst & Young between 1992 and 2000 in financial services and joined Capgemini in 2000 as a result of the latter's acquisition of the consulting division of Ernst and Young. An IIT Bombay alumni, he holds Masters degrees in computer science and mechanical engineering from the Cornell University, in the United States. "He also has multinational experience and global exposure, which will put Infosys in good stead", the former Telecom Secretary told a business news channel. Sikka had joined Infosys from German software maker SAP SE in 2014, and was the first outsider to be appointed CEO of the Bengaluru-headquartered company.

"I would like to thank Salil for his involvement in the Capgemini journey".

Parekh will replace UB Pravin Rao, who took over as interim chief executive after Vishal Sikka's abrupt exit amid a row with one of the company's promoters, N. Nararayana Murthy, in August.

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

After months of stress, turmoil and billions of dollars in shareholder value destruction, Infosys has finally named a new CEO, Capgemini's Salil Parekh.

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In a related development, Capgemini announced in Paris that Parekh would leave the group on January 1, 2018.

Mint could not immediately verify whether Parekh left Capgemini because he was not elevated to the role of COO. His departure from Capgemini will be effective on January 1st.

Parekh will start his new job at Infosys in January, which indicates that he will have a three-month period to get familiar with the almost 200,000-strong company. This means Infosys has tempered street expectations and analysts believe that the company will be scrutinised on its performance in next year.

Infosys' Independent Director and Nomination and Remuneration Committee Chairperson Kiran Mazumdar-Shaw said Parekh was the top choice from a pool of highly qualified candidates for the top executive post. "He has a strong track record of executing business turnarounds and managing very successful acquisitions". "The existing setup at Infosys, with Nandan as chairman and Salil as CEO, is capable of addressing key operational and technology challenges".

After Vishal Sikka, Parekh is the second outsider at Infosys.

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