<p class="title">Infosys on Saturday appointed Salil S Parekh as chief executive officer and managing director.<br /><br />He will take over from U B Pravin Rao, interim CEO and MD, on January 2, 2018.<br /><br />With this, a four-month international head hunt ends at the Bengaluru-based IT company, the second largest in India.</p>.<p class="bodytext">The company has not disclosed Parekh's remuneration package.<br /><br />Currently a member of the group executive board, Capgemini, Parekh will be the second outsider to head the IT major. He is now based in Mumbai.<br /><br />Parekh's immediate task will be to revive growth and keep peace between the founders and the board of directors. They were engaged in an acrimonious battle in the recent past.<br /><br />Infosys chairman Nandan Nilekani said the board was delighted to have Parekh joining the organisation.<br /><br />"He has nearly 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," he said in a statement.<br /><br />Nilekani also thanked Rao for standing in while the company looked for a new head after the exit of Vishal Sikka. <br /><br />"The board is grateful to Pravin for his leadership during this period of transition," Nilekani said.<br /><br />After stepping down as CEO and MD, Rao will continue as chief operating officer and whole-time director, while Nilekani will continue as the non-executive chairman.<br /><br />Parekh is an ME in computer science and mechanical engineering from Cornell University, New York, and holds a BTech in aeronautical engineering from the Indian Institute of Technology, Bombay.<br /><br />Kiran Mazumdar-Shaw, chairperson of the Infosys nomination and remuneration committee, said, "After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD. He was the top choice from a pool of highly qualified candidates."<br /><br />According to a Capgemini statement, Parekh joined the 12.5 billion euro company in 2000 when it acquired the consulting division of Ernst and Young. He was in charge of a section accounting for about 45% of Capgemini's revenues.<br /><br />Besides Rao, former Infosys executives Ashok Vemuri and B G Srinivas were being mentioned as probables for the Infosys top post. Vemuri is now group managing director, PCCW, and Srinivas CEO of Xerox's BPO arm Condeunt.<br /><br />Sikka, the first outsider to head the company, stepped down on August 18. Rao has since served as interim CEO and MD.<br /><br />BoX<br /><br />Bosses' reactions</p>.<p class="bodytext">I am happy Infosys has appointed Salil Parekh as CEO. My best wishes to him <br />- N R Narayana Murthy, founder and former CEO<br /><br />He was the top choice from a pool of highly qualified candidates<br />- Kiran Mazumdar-Shaw, nomination committee<br /><br /> The board is delighted to have Parekh joining Infosys<br />- Nandan Nilekani, chairman, board of directors<br /><br />BoX<br /><br />Since Sikka left...</p>.<p class="bodytext">* Amid acrimony, CEO Vishal Sikka exits in August<br /><br />* COO U B Pravin Rao steps in as interim chief<br /><br />* Company begins looking for new chief<br /><br />* Worldwide search zeroes in on Salil Parekh<br /><br />* Remuneration package still under wraps</p>
<p class="title">Infosys on Saturday appointed Salil S Parekh as chief executive officer and managing director.<br /><br />He will take over from U B Pravin Rao, interim CEO and MD, on January 2, 2018.<br /><br />With this, a four-month international head hunt ends at the Bengaluru-based IT company, the second largest in India.</p>.<p class="bodytext">The company has not disclosed Parekh's remuneration package.<br /><br />Currently a member of the group executive board, Capgemini, Parekh will be the second outsider to head the IT major. He is now based in Mumbai.<br /><br />Parekh's immediate task will be to revive growth and keep peace between the founders and the board of directors. They were engaged in an acrimonious battle in the recent past.<br /><br />Infosys chairman Nandan Nilekani said the board was delighted to have Parekh joining the organisation.<br /><br />"He has nearly 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," he said in a statement.<br /><br />Nilekani also thanked Rao for standing in while the company looked for a new head after the exit of Vishal Sikka. <br /><br />"The board is grateful to Pravin for his leadership during this period of transition," Nilekani said.<br /><br />After stepping down as CEO and MD, Rao will continue as chief operating officer and whole-time director, while Nilekani will continue as the non-executive chairman.<br /><br />Parekh is an ME in computer science and mechanical engineering from Cornell University, New York, and holds a BTech in aeronautical engineering from the Indian Institute of Technology, Bombay.<br /><br />Kiran Mazumdar-Shaw, chairperson of the Infosys nomination and remuneration committee, said, "After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD. He was the top choice from a pool of highly qualified candidates."<br /><br />According to a Capgemini statement, Parekh joined the 12.5 billion euro company in 2000 when it acquired the consulting division of Ernst and Young. He was in charge of a section accounting for about 45% of Capgemini's revenues.<br /><br />Besides Rao, former Infosys executives Ashok Vemuri and B G Srinivas were being mentioned as probables for the Infosys top post. Vemuri is now group managing director, PCCW, and Srinivas CEO of Xerox's BPO arm Condeunt.<br /><br />Sikka, the first outsider to head the company, stepped down on August 18. Rao has since served as interim CEO and MD.<br /><br />BoX<br /><br />Bosses' reactions</p>.<p class="bodytext">I am happy Infosys has appointed Salil Parekh as CEO. My best wishes to him <br />- N R Narayana Murthy, founder and former CEO<br /><br />He was the top choice from a pool of highly qualified candidates<br />- Kiran Mazumdar-Shaw, nomination committee<br /><br /> The board is delighted to have Parekh joining Infosys<br />- Nandan Nilekani, chairman, board of directors<br /><br />BoX<br /><br />Since Sikka left...</p>.<p class="bodytext">* Amid acrimony, CEO Vishal Sikka exits in August<br /><br />* COO U B Pravin Rao steps in as interim chief<br /><br />* Company begins looking for new chief<br /><br />* Worldwide search zeroes in on Salil Parekh<br /><br />* Remuneration package still under wraps</p>
