Capgemini's Salil Parekh named Infosys's new CEO & MD
What's the story
Infosys's search for the next CEO has ended as it announced the appointment of Salil Parekh, who worked for Capgemini, as the company's new CEO and Managing Director.
Infosys was on the hunt for a new CEO after Vishal Sikka resigned from the post in August amid allegations related to governance issues by Narayana Murthy.
Meanwhile, Nandan Nilekani would continue as the non-executive chairman.
About
Who is Salil Parekh?
Salil Parekh has been the French IT services company, Capgemini's Head of Asia-Pacific, North America, United Kingdom; and the Head of Cloud Infrastructure Services, Sogeti & Cloud Services since Oct'16.
He is currently a member of Capgemini's Group Executive Board.
He worked for Capgemini India for 14 years. He joined Ernst & Young's consulting business in 1992, which was acquired by Capgemini in 2000.
Information
An IIT-B, Cornell University alumnus
Salil Parekh has a Bachelor of Technology degree in Aeronautical Engineering from the Indian Institute of Technology (Bombay). He also has degrees in Master of Engineering in Computer Science and Mechanical Engineering from Cornell University.
Why?
Salil Parekh, right person to lead Infosys: Nilekani
Co-founder Nandan Nilekani, who returned to Infosys as a Non-Executive Chairman in August, said the company's Board believes that Salil Parekh is the right person to lead Infosys at this transformative time.
He also said that they are grateful to UB Pravin Rao, who was appointed the Interim CEO & MD following Sikka's exit, for his leadership during the transition period.
Quote
Nandan Nilekani on Parekh's appointment
Nilekani said: "We are delighted to have Salil joining as the CEO & MD of Infosys. He has nearly three decades of global experience in the IT services industry. He has a strong track record of executing business turnarounds and managing very successful acquisitions."
When?
Parekh to replace Pravin Rao next year
Bengaluru-based Infosys said that the new CEO & MD, Salil Parekh, would take over from 2 January 2018 for a five-year period.
Interim CEO & MD, UB Pravin Rao, who had replaced Vishal Sikka after his shocking exit, would step down from the role in January next year.
He would, however, continue as the IT giant's Chief Operating Officer and a whole-time Director.
CEO Search
Infosys roped in Egon Zehnder to find next CEO
Following the abrupt resignation of its first non-founder CEO, Vishal Sikka, Infosys said it would find his successor by Mar18.
Sikka's exit reportedly came in the backdrop of a battle between Narayana Murthy-led founders' camp and the Sikka-led management, continuous high profile exits, and dismal financial condition of Infosys.
The IT major appointed global executive search firm Egon Zehnder to find Sikka's replacement.