Published: Sun, December 03, 2017
Markets | By Noel Gibbs

Infosys brings in new head from Capgemini as revenue flags

Infosys brings in new head from Capgemini as revenue flags

Infosys chairman Nandan Nilekani said the board was delighted to have Parekh joining the organisation.

Infosys said today that its Board of Directors has appointed Salil S Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the company effective January 2, 2018.

"He has a very strong IT services and consulting pedigree, which is proven with many years of technology and business leadership experience", said Phil Fersht, CEO and Chief Analyst at research firm HfS Research. An IIT Bombay alumni, he holds Masters degrees in computer science and mechanical engineering from the Cornell University, in the United States. "The board believes that he is the right person to lead Infosys at this transformative time in our industry", Infosys chairman Nandan Nilekani said.

Parekh has also been a partner with Ernst & Young.

The Stock of the Infosys Company has declined 5.13 percent in 2017.

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I am happy Infosys has appointed Salil Parekh as CEO.

Parekh's appointment comes months after the resignation of former CEO Vishal Sikka. "Salil contributed in particular to the development of the group in India and in the USA", said in the statement.

His tenure will begins on January 2, 2018.

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.

Mint could not immediately verify whether Parekh left Capgemini because he was not elevated to the role of COO. "He has relinquished his responsibilities within the group and his managerial transition is already in place", said the French company.

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The Euro 12.5-billion ($14.9 billion) Capgemini is a 50-year-old firm with about 200,000 employees in 40 countries the world over.

Infosys was thrown into crisis by founder NR Narayana Murthy's fight with its then board over what he termed were "governance deficits".

India's outsourcing companies are seeing their biggest customers shift to cloud computing, making much of their cheap labour based traditional application development and maintenance redundant.

Infosys Head of nomination, and remuneration committee, Kiran Mazumdar Shaw, said that Mr. Parekh was the "top choice from a pool of highly qualified candidates". Rao will be re-designated as the chief operating officer of the company from January 2.

"The only thing that is common between Vishal and him that they had not been the CEO of a publicly listed firm before their appointment to Infosys". "Salil has grown along with the Indian IT services industry, and has experience working out of India, and is going to be based out of Bengaluru".

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