TECHNOLOGY

Indian IT giant Infosys appoints Salil Parekh as CEO

Co-founder of Infosys Nandan Nilekani, who took over as the non-executive chairman of the company after a boardroom reshuffle, addresses a press conference held at Infosys headquarters in Bangalore. (AFP)

Indian IT giant Infosys on Saturday named outsider Salil Satish Parekh as chief executive, months after its top boss quit following a showdown with its founders.

Parekh, an executive at French consultancy firm Capgemini, will start a five-year stint in charge of the information technology behemoth from January 2, a statement said.

The Infosys board met at the headquarters in Bangalore on Saturday to confirm Parekh’s appointment as CEO and managing director, according to a filing to the Mumbai stock exchange.

His predecessor Vishal Sikka quit the company in a surprise move in August amid boardroom tensions.

Sikka had come under fire from some founders over his style of corporate governance and salary increases for top executives.

Following his resignation, Infosys quickly named co-founder Nandan Nilekani non-executive chairman to calm investor unrest and steady the share price. 

Strong track record 

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

“The board believes that he is the right person to lead Infosys at this transformative time in our industry,” he added in a statement.

Interim chief executive Infosys veteran UB Pravin Rao will continue as chief operating officer.

Parekh joined Capgemini in 2000 and occupied various leadership positions in the group.

Infosys in October reported a 3.3 percent year-on-year rise in profits for the second quarter after the boardroom turmoil hit shares for several weeks.

India became a back office to the world in the early 2000s as companies subcontracted work to firms such as Infosys, taking advantage of the country’s skilled English-speaking workforce.

The $150-billion IT sector remains one of the country's flagship industries, but it is facing upheaval in the face of automation and US President Donald Trump’s clampdown on visas.

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Last Update: Saturday, 2 December 2017 KSA 15:51 - GMT 12:51
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