Infosys hires Salil Parekh of Capgemini as its new CEO
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
Bengaluru: 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, 52, joins Infosys from Capgemini where he was a member of the Group Executive Board," said the IT major in a statement here.
Like Infosys, Capgemini is a global consulting, technology and IT outsourcing firm headquartered in Paris.
Parekh, a veteran in the global IT industry, will be the second non-promoter executive of the $10.3 billion firm after the first non-founder executive Vishal Sikka resigned on August 18, following boardroom battles over corporate governance issues with its co-founders, especially N.R. Narayana Murthy.
As Parekh takes over, interim CEO and MD U.B. Pravin Rao will revert to his post as Chief Operating Officer from January 2 and continue as Director on the Board.
Parekh has Masters degrees in computer science and mechanical engineering from Cornell University in the US and is a B. Tech in aeronautical engineering from IIT-Bombay.
"We are delighted to have Salil joining as the CEO & MD. He has nearly three decades of global experience in the IT services industry," said co-founder and Board Chairman Nandan Nilekani in the statement.
Nilekani also said as Parekh had a strong track record of executing business turnarounds and managing very successful acquisitions, the Board believed that he was the right person to lead the company at a transformative time in the industry.
"The Board is also grateful to Pravin Rao for his leadership during this period of transition," added Nilekani in the statement.
Nilekani returned to the company as non-executive Chairman on August 18.
Infosys' Independent Director and Nomination and Remuneration Committee Chairperson Kiran Mazumdar-Shaw said Parekh was the top choice from a pool of highly qualified candidates for the top executive post.
"With his (Parekh) strong track record and extensive experience, we believe, we have the right person to lead Infosys," Shaw said.
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 Murthy for Sikka's dramatic resignation.
In a related development, Capgemini announced in Paris that Parekh would leave the group on January 1, 2018.
"Capgemini has agreed on Parekh's departure. He has relinquished his responsibilities within the group and his managerial transition is already in place," said the French company.
Parekh joined Capgemini in 2000 when it acquired the consulting division of Ernst & Young, the London-based global accounting firm, and occupied leadership positions in the group during his 17-year-long stint.
"I would like to thank Parekh for his involvement in the Capgemini journey and contribution to the development of the group in India and the US," said Capgemini Chairman and Chief Executive Paul Hermelin in the statement.
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.