Infosys names Capgemini senior executive Salil Parekh new CEO & MD

Infosys in October reported a 3.3 percent year-on-year rise in profits for the second quarter

Infosys in October reported a 3.3 percent year-on-year rise in profits for the second quarter

Three months after former Infosys CEO Vishal Sikka stepped down over allegations of poor corporate governance, the board of Infosys, India's second largest IT services and software firm, appointed Salil S Parekh as chief executive officer and managing director effective January 2, 2018. Parekh is a member of the Group Executive Board at French IT services company Capgemini.

"We are delighted to have Salil joining as the CEO and MD of Infosys. He has a strong track record of executing business turnarounds and managing very successful acquisitions", Nilekani said in the press release.

"In Salil I believe they have found an executive committed to building the next generation of Indian services, who both understands and appreciates all that an Indian talent base can offer while broadening the global talent base and leading Infosys into a becoming a digital transformation leader", he added. According to reports, Infosys executives like UB Pravin Rao, CFO Ranganath D Mavinakere as well as Ashok Vemuri (former Americas Head and Board member at Infosys) and B G Srinivas (former Infosys President) were considered for the top job.

Parekh has a master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University.

Capgemini reported €12.5 billion ($14.9 billion) in revenue for the last year as against Infosys ending with $10.2 billion in revenue for the year ended March 2017.

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Back in 2014, when Infosys was hunting for a new CEO, Parekh lost to Vishal Sikka.

This time round co-founder Nandan M. Nilekani was recalled, a week after Sikka's resignation, to run the company as non-executive chairman and find a new CEO.

Parekh started his career with Ernst & Young in the year 1992 as a Partner.

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.

6- He has occupied various leadership positions in Capgemini Group. He also will be the second outsider to be named Infosys CEO after Sikka, who stepped down citing unwarranted interference from company promoters. Nilekani had said at the time that cultural fit would be an important criteria for the top job, making internal candidates "very strong contenders". As part of the appointment, Infosys said that interim CEO and MD Pravin Rao, a company veteran, will step down from his role but will continue as the chief operating officer and a whole time director till August 2022.

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