Infosys declares New CEO after Sikka's exit

Infosys appoints Salil S Parekh as CEO: Some key facts

IT giant Infosys on Saturday announced Salil S Parekh as its new CEO and Managing Director.

Parekh, who is joining from consultancy firm Capgemini where he was a member of its group executive team, has been given a 5-year term effective January 2, Infosys said in a statement. Incidentally, Parekh had joined Capgemini in 2000, when the company acquired Ernst & Young's consulting division, and has since held various leadership roles within the group.

Salil Parekh will be effectively appointed as Infosys CEO on January 2, 2018. "He (Parekh) has almost three decades of global experience in the IT services industry. The board believes that he is the right person to lead Infosys at this transformative time in our industry", Infosys chairman Nandan Nilekani said. In an earlier statement, Hermelin had referred to Parekh's aforesaid business skills, stating: "Salil contributed in particular to the development of the group in India and in the U.S.".

Parekh, Master of Engineering degrees in Computer Science and Mechanical Engg from Cornell University, has more than 30 years of experience in IT services industry.

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According to Infosys filing at stock exchanges, Parekh has been appointed for a five-year term effective January 2.

Back in 2014, when Infosys was hunting for a new CEO, Parekh lost to Vishal Sikka.

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. 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. He lists his current position at Capgemini as CEO for United Kingdom, north America and Asia by markets and for global financial services, by vertical, on LinkedIn. "He was the top choice from a pool of highly qualified candidates", said Kiran Mazumdar-Shaw, head of nomination and remuneration committee.

Yet, Infosys has also somehow played it safe by anointing Parekh, who unlike Sikka, comes armed with plenty of experience of negotiating multi-million dollar outsourcing deals, which are staple for Infosys and its peers such as TCS, Wipro and US-based Cognizant Technology Solutions. UB Pravin Rao, who was filling in the CEO role on interim basis, will now continue as Chief Operating Officer and a whole-time Director of the company, Infosys said in a statement.

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