Infosys names Salil S Parekh as CEO and Managing Director

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Infosys on Saturday said it has appointed Salil S Parekh as its CEO and Managing Director, concluding the 3-month high-profile executive search at the country "s second largest IT firm".

Parekh, who is now an executive at consultancy firm Capgemini, will take over on January 2, 2018, Infosys said in a statement.

According to media reports, advisory arm Everest Group chief executive Peter Bendor-Samuel said in 2015 that Capgemini achieved vastly greater growth under Parekh than had been expected. "My best wishes to him", said Murthy in a statement to Mint. He was also the company's Chairman of the North America Executive Council. He has Master's degree, of Engineering in Computer Science and Mechanical Engineering from Cornell University. while from the Indian Institute of Technology, Bombay he did his Bachelor of Technology degree in Aeronautical Engineering. He comes in with the reputation of being a leader adept at executing well in the world of IT services, which is a ideal fit for Infosys and its co-founders.

"We are delighted to have Salil joining as the CEO and MD of Infosys. He has a very strong reputation within Capgemini's financial services business and can help grow Infosys' consulting approach, which is key to the firm's growth", he said. Also, the Infosys board believes that he is the right person to lead company at this transformative time in the industry. "The Board is also grateful to Pravin for his leadership during this period of transition". In fact, he was one of Capgemini's five deputy CEOs, and was responsible for a number of businesses that reportedly accounted for 45 percent of the company's revenue.

Parekh, who is now based out of Mumbai, will relocate to Bengaluru, which houses Infosys's headquarters. He lists his current position at Capgemini as CEO for United Kingdom, north America and Asia by markets and for global financial services, by vertical, on LinkedIn. Capgemini appointed two chief operating officers in October.

His departure will be effective on January 1, the statement said. However, Capgemini's market cap of €16.35 billion ($19.45 billion) is less than Infosys's market cap of $33.6 billion.

Parekh, who joined Capgemini back in 2000, resigned from the Paris-based company following "recent managerial evolutions" announced in October, Capgemini said in a separate release.

Nilekani underlined the company's effort to rapidly scale up digital services, train and retrain employees in new technologies, and take stock of how its various products and services can be integrated. He had been with the company for 17 years.

The appointment is made based on the recommendation of the Nomination and Remuneration Committee which concluded its global search for a CEO and MD, the company statement mentioned. "With his strong track record and extensive experience, we believe, we have the right person to lead Infosys".