Infosys appoints Salil S Parekh as CEO & MD

Salil Parekh will be the new CEO and MD of Infosys

Salil S. Parekh will be the sixth CEO of Infosys.

Global software major Infosys on Saturday announced the appointment of Salil S Parekh from Capgemini as its new Chief Executive Officer and Managing Director with effect from January 2.

Parekh is a member of the Group Executive Board at French IT services company Capgemini. Sikka, on the other hand, came into Infosys in 2014 with the reputation of a strong products and technology leader, but with virtually no experience in the outsourcing industry. He said:"I am happy that Infosys has appointed Salil Parekh as the CEO".

Sikka, the first outsider to head the company, stepped down on August 18. Parekh, like Nilekani, is an alumnus of IIT-Bombay.

Sanchit Vir Gogia, CEO and Chief Analyst at Greyhound Research said that Salil is a great choice, with a great hold on the yesterday, today and tomorrow of the business.

The appointment ends a almost four-month long search for the top job at India's second largest IT services firm.

3- Parekh has almost three decades of global experience in the IT services industry.

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

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After months of stress, turmoil and billions of dollars in shareholder value destruction, Infosys has finally named a new CEO, Capgemini's Salil Parekh.

The logo of Infosys is pictured inside the company's headquarters in Bengaluru, India, April 13, 2017.

On Saturday, Capgemini cleared that indeed Parekh would be leaving the position in the company to seek better opportunities at Infosys, from January 1, 2018. Capgemini appointed two chief operating officers in October.

Parekh's roles at Capgemini included heading the strategic business unit of geographies such as North America, the United Kingdom as well as local business units in India and Australia.

The Euro 12.5-billion ($14.9 billion) Capgemini is a 50-year-old firm with about 200,000 employees in 40 countries the world over. However, Capgemini's market cap of €16.35 billion ($19.45 billion) is less than Infosys's market cap of $33.6 billion.

Parekh has his job cut out for him.

Infosys was thrown into crisis by founder NR Narayana Murthy's fight with its then board over what he termed were "governance deficits". This means Infosys has tempered street expectations and analysts believe that the company will be scrutinised on its performance in next year. Described by peers as softspoken and firm, he is now based in Mumbai. "Salil contributed in particular to the development of the Group in India and in the USA". "With his strong track record and extensive experience, we believe, we have the right person to lead Infosys".

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