Much-troubled software major Infosys begins the New Year with its newly appointed Chief Executive Officer (CEO) Salil S. Parekh joining on Tuesday ahead of its third quarter results on January 12.
“As per plan and the Board’s decision on December 2, Parekh joins us as the new CEO and Managing Director on January 2,” a company spokesperson told IANS on Monday.
The Board appointed Parekh, 53, as CEO and MD for five years (till December 31, 2022).
He will be the second non-founder executive of the $10-billion firm after the exit of the first non-promoter CEO Vishal Sikka in August following a spat with its co-founders over governance issues.
A software industry veteran, Parekh was an executive board member of the Paris-based global consulting, technology and IT firm Capgemini.
He was the top choice for the executive post of the company’s nomination and remuneration committee, headed by its Independent Director Kiran Mazumdar-Shaw, who had termed him the “top choice from a pool of highly qualified candidates” and the “right person to lead Infosys”.
The company, however, has not disclosed details of Parekh’s annual compensation, including perks and stock options, if any, so far.
As Parekh takes over, interim CEO and MD U.B. Pravin Rao will revert to his post as Chief Operating Officer but continue as Director.
Parekh has Masters degrees in computer science and mechanical engineering from Cornell University in the US and a B. Tech degree in aeronautical engineering from IIT-Bombay. He 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.
Infosys co-founder Nandan Nilekani, who returned as non-executive Chairman on August 18, said Parekh with “three decades of global experience in the IT services industry”, and “track record of executing business turnarounds and managing very successful acquisitions” was “the right person to lead the company at a transformative time in the industry”.
The full-time CEO post has been vacant since Sikka had quit, stating that he could not continue to work amid “malicious personal attacks”.
The company’s previous Board blamed mainly co-founder N.R. Narayana Murthy for his dramatic resignation.
Source- IANS Agency