Salil Parekh Appointed As Infosys ' New CEO and MD

Gladys Abbott
December 3, 2017

ReutersInfosys, India's second biggest software services company, named Salil S. Parekh, a senior executive at French IT services company Capgemini SE, as its new CEO and managing director, taking another shot at non-founder-led management, after the previous experiment ended in acrimony.

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

Nilekani highlighted Parekh s "strong track record of executing business turnarounds and managing very successful acquisitions".

"We are delighted to have Salil joining as the CEO and MD of Infosys".

Kiran Mazumdar Shaw, Chairperson of the Nomination and Remuneration Committee said, "He was the top choice from a pool of highly qualified candidates".

Paul Hermelin, Chairman and Chief Executive Officer of Capgemini Group said: "I would like to thank Salil for his involvement in the Capgemini journey".

Parekh will be replacing company's interim CEO U B Pravin Rao who took charge after the resignation of Vishal Sikka, earlier this year.

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Like Infosys, Capgemini is a global consulting, technology and IT outsourcing firm headquartered in Paris. "I am happy that Infosys has appointed Mr. Salil Parekh as the CEO. The Board is also grateful to Pravin for his leadership during this period of transition", said Nilekani on Saturday. The Bangalore-based company has already cut its revenue growth forecast for the year to 5.5% to 6.5%, from 6.5% to 8.5%.

His tenure will begins on January 2, 2018. He was a partner in global tax and audit firm Ernst & Young between 1992 and 2000 in financial services and joined Capgemini in 2000 as a result of the latter's acquisition of the consulting division of Ernst and Young.

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 board believes that he is the right person to lead Infosys at this transformative time in our industry", he said. "His departure will be effective on January 1st", Capgemini said on Saturday.

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. "The existing setup at Infosys, with Nandan as chairman and Salil as CEO, is capable of addressing key operational and technology challenges".

Experts tracking Infosys lauded Parekh's appointment, but cautioned that the new CEO would need to be given enough freedom to effect a meaningful transition at Infosys, without interference from the founders.

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