Infosys, India's second largest IT services company, on Saturday announced that it has appointed Salil S Parekh as its new chief executive officer (CEO) and Managing Director (MD). Mr Salil will replace Mr. U.B Praveen Rao who is the interim CEO of Infosys.
Parekh had been previously associated with Capgemini for 25 years and was till recently a member of the Group Executive Board. 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.
Infosys will also hope that Parekh's background in the financial services industry throughout his career will help it garner more deals in the BFSI sector across Europe and North America. Parekh, who got the top job from a pool of 30 candidates who were considered for the role, has a master's degree in computer science and mechanical engineering from Cornell University.
The new Infy CEO has a strong track record of executing business turnarounds and managing very successful acquisitions. He has almost three decades of global experience in the IT services industry.
Parekh, joined Capgemini in 2000 after the company bought the consulting arm of Ernst and Young. 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.
In the company statement, Nilekani thanked Rao on behalf of the Board "for his leadership during this period of transition".
His departure will be effective on January 1, the statement said.
7- He was named a deputy CEO of Capgemini in March 2015.
The appointment of Parekh, who was a top executive at global IT services giant Capgemini prior to his latest assignment, marks the second successive time that Infosys has chosen a rank outsider to helm the company, after being run by its founders for the better part of its first three decades of existence.
He took the firm's India team from 800 people to 80,000, and acquired iGATE Corporation and few other companies over the years, Business Standard reported.
The appointment is made based on the recommendation of the Nomination and Remuneration Committee which concluded its global search for a CEO and MD, the company statement mentioned.