Infosys jumps 4 percent on appointment of CEO, MD Salil Parekh

Shares of Infosys on Monday surged four per cent in morning trade on the bourses after the company announced the appointment of new CEO and MD Salil Parekh.

On December 2, Infosys said it has appointed Parekh as its CEO and Managing Director, concluding the three-month high-profile executive search at the countrys second largest IT firm.

Following the announcement, shares of the company today opened on a bullish note at Rs 983.00, then gained further ground and surged 4.01 per cent to touch an early-day high of Rs 996.95.

Similar movement was seen on NSE, where the stock opened at Rs 980.00, then surged to an early-high of Rs 996.80, registering a jump of 3.96 per cent over its previous closing price.

The Bengaluru-based firm had initiated the executive search after CEO Vishal Sikka resigned in August following a protracted acrimony between the management and the founders.

UB Pravin Rao, who was filling in the CEO role on an interim basis, will now continue as Chief Operating Officer and a whole-time Director of the company, Infosys said in a statement.

Parekh, who will take over his role at Infosys on January 2, 2018 for a period of five years, was a member of the Group Executive Board at French firm Capgemini.

PTI