ReutersInfosys, India's second biggest software services company, named Salil S. Parekh, a senior executive at French IT services company Capgemini SE, as its new CEO and managing director, taking another shot at non-founder-led management, after the previous experiment ended in acrimony.
Mean while, the former CEO and MD of Infosys, U.B. Pravin Rao will step down to make place for the new boss in office but shall continue to serve as the Chief Operating Officer and an all-time Director of the company.
Sanchit Vir Gogia, CEO and Chief Analyst at Greyhound Research said that Salil is a great choice, with a great hold on the yesterday, today and tomorrow of the business.
Parekh has almost three decades of global experience in the IT services industry.
Then the co-founder, Nilekani returned to Infosys as a non-executive Chairman to find a capable CEO for the company, reforming the Board as well as firming the business side.
Parekh has a master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University. He joined the company in the year 1992.
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Parekh will take over on January 2, 2018.
Interestingly on Saturday, Capgemini put out a separate press release, saying that Parekh "decided to leave the Group in the context of the recent managerial evolutions communicated in October".
For now, Infosys has already scaled back its revenue outlook to at-best 6.5% in constant currency terms, as against at-best 8.5% growth outlined at the start of the financial year.
The search for a new CEO at Infosys Ltd was necessitated by the premature exit of former CEO Vishal Sikka in August this year following differences with a group of founder-investors led by the iconic founder of the company, N R Narayana Murthy.
"I am happy that Infosys has appointed Parekh as the CEO". However, unlike the Tatas who finally opted for an insider to be chairman of Tata Sons, Infosys has again looked outside and brought in Parekh, apparently much to the disappointment of the internal candidates. "Infosys" statement on Saturday noted that the selection of Parekh was done based on the recommendation of Nomination and Renumeration Committee. "The board is also grateful to Pravin for his leadership during this period of transition", Nilekani added.
According to a Capgemini statement, Parekh joined the 12.5 billion euro company in 2000 when it acquired the consulting division of Ernst and Young. "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".