4-month hunt ends: Infy names Salil Parekh CEO

4-month hunt ends: Infy names Salil Parekh CEO

Infosys on Saturday appointed Salil S Parekh as chief executive officer and managing director.

He will take over from U B Pravin Rao, interim CEO and MD, on January 2, 2018.

With this, a four-month international head hunt ends at the Bengaluru-based IT company, the second largest in India.

The company has not disclosed Parekh's remuneration package.

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.

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.

Infosys chairman Nandan Nilekani said the board was delighted to have Parekh joining the organisation.

"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.

Nilekani also thanked Rao for standing in while the company looked for a new head after the exit of Vishal Sikka.

"The board is grateful to Pravin for his leadership during this period of transition," Nilekani said.

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.

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.

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."

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.

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.

Sikka, the first outsider to head the company, stepped down on August 18. Rao has since served as interim CEO and MD.

BoX

Bosses' reactions

I am happy Infosys has appointed Salil Parekh as CEO. My best wishes to him
- N R Narayana Murthy, founder and former CEO

He was the top choice from a pool of highly qualified candidates
- Kiran Mazumdar-Shaw, nomination committee

The board is delighted to have Parekh joining Infosys
- Nandan Nilekani, chairman, board of directors

BoX

Since Sikka left...

* Amid acrimony, CEO Vishal Sikka exits in August

* COO U B Pravin Rao steps in as interim chief

* Company begins looking for new chief

* Worldwide search zeroes in on Salil Parekh

* Remuneration package still under wraps

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