Infosys brings in new head from Capgemini as revenue flags

Alicia Cross
December 4, 2017

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 will take on the role from January 2, and was a member of Capgemini's group executive board, Infosys said in a filing to the stock exchange on Saturday.

The 53-year-old Parekh has come up through ranks to become the executive, who played crucial roles in building offshore delivery capability at Capgemini.

Commenting on the appointment of Mr. Parekh, Mr. Nandan Nilekani, Chairman of the Board said, "We are delighted to have Salil joining as the CEO & MD of Infosys". He has almost three decades of global experience in the IT industry and has a strong track record of executing business turnarounds. he also manages everything with very successful acquisitions. He has a strong track record of executing business turnarounds and managing very successful acquisitions.

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.

Parekh holds Masters degree in Computer Science and Mechanical Engineering from Cornell University in NY. 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%.

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Parekh will be the second outsider CEO at Infosys after Vishal Sikka.

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.

He took the firm's India team from 800 people to 80,000, and acquired iGATE Corporation and few other companies over the years, Business Standard reported.

Parekh has also been a partner with Ernst & Young. "Salil contributed in particular to the development of the Group in India and in the US", Capgemini CEO and chairman Paul Hermelin said in a statement. He was also the company's Chairman of the North America Executive Council. "He has a very strong IT services and consulting pedigree, is proven with many years technology and business leadership experience, and has extensive working experience across Ameican, European and Indian work cultures - which is critical for Infosys".

U.B. Pravin Rao who was serving as the interim CEO has been re-designated as chief operating officer from January 2, Infosys said.

Other reports by Free-Prsite

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