Infosys Appoints Salil Parekh as new CEO & MD

News Digest

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%.

The drama surrounding Infosys' CEO search has in recent times rivalled by what transpired at the Tata Group.

Salil Satish Parekh, who lost out to Vishal Sikka the last time Infosys was hunting for a new chief executive officer in 2014, has now been tasked with leading the company a little over four months after Sikka's acrimonious exit from Infosys, with chairman Nandan Nilekani and the board of India's second largest outsourcing firm putting their faith on a technology industry veteran of almost three decades. Prior to this appointment, Mr Parekh was an executive at consultancy firm Capgemini. He had been with the company for 17 years.

Reflecting on his appointment, Chairman of the Board at Infosys, Nandan Nilekani, said, "We are delighted to have Salil 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.

It was then that Nilekani - one of the Infosys co- founders and Aadhaar architect - was brought in as Non- executive Chairman to restore order at the embattled company.


This is the second time the company is bringing in an outsider for the top job. "My best wishes to him", said Murthy in a statement to Mint.

Parekh's previous employer issued a surprisingly brief statement given his importance to the company and his rank in the hierarchy.

Parekh is also credited with leading the takeover of i-Gate by Capgemini for United States dollars 4 billion. He occupied various leadership positions in the group. Murthy, along with some former Infosys executives, had alleged serious corporate governance lapses and questioned the high severance packages paid to ex-CFO and others.

Yet, Infosys has also somehow played it safe by anointing Parekh, who unlike Sikka, comes armed with plenty of experience of negotiating multi-million dollar outsourcing deals, which are staple for Infosys and its peers such as TCS, Wipro and US-based Cognizant Technology Solutions. BFSI, the bread and butter for all Indian IT services companies, contributed about 33 per cent to the company's topline for the second quarter ended September 30. "With his strong track record and extensive experience, we believe, we have the right person to lead Infosys", Kiran Mazumdar-Shaw, chairperson of the nomination& remuneration committee, said. He has Master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University, and a Bachelor of Technology degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay.

Parekh will replace U B Pravin Rao, who had earlier replaced Vishal Sikka as the interim CEO and Managing Director.

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