The Board of Directors of Infosys on Saturday announced the appointment of Salil S Parekh as Chief Executive Officer and Managing Director, effective from January 2 next year.
The appointment was approved by the Infosys board of directors for a period of five years, subject to approval of shareholders and other regulatory requirements.
It was made based on the recommendation of the Nomination and Remuneration Committee which concluded its global search for a CEO and MD, Infosys said.
"We are delighted to have Salil joining as the CEO and MD of Infosys. He has nearly three decades of global experience in the IT services industry," Chairman of the Board Nandan Nilekani said.
U B Pravin Rao will step down as interim CEO and Managing Director effective January 2, 2018 and will continue as Chief Operating Officer and a whole-time Director of the Company.
"The Board is grateful to Pravin for his leadership during this period of transition," Nilekani said in a company statement. Parekh joins Infosys from Capgemini, where he was a member of the Group Executive Board, the statement said.
Parekh 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 has a 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," Nilekani said.
Chairperson of the Nomination and Remuneration Committee Kiran Mazumdar-Shaw said that with his strong track record and extensive experience, the company believes it has the right person to lead.
"After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD.
He was the top choice from a pool of highly qualified candidates.
With his strong track record and extensive experience, we believe we have the right person to lead Infosys," she said.
Earlier, some names, including that of former Infosys executive Ashok Vemuri, cropped up in the media, but he reportedly expressed his unwillingness to accept the job. Vemuri had quit Infosys in 2014 after Vishal Sikka was brought in as the company's CEO and managing director.
Sikka quit amid turmoil in Infosys after a prolonged battle between the Board and the company founders, leading to the return of Nilekani, a company co-founder, at the helm in August.
PTI (with PTI inputs)