Salil Parekh has been appointed head of Infosys for the next five years
Bangalore (Karnataka):
Infosys Limited, India’s second largest IT services company, announced on Sunday that it has appointed Salil Parekh as its Chief Executive Officer (CEO) and Managing Director (MD) for a five-year term until March 2027.
The decision was made at the Company’s Board of Directors meeting on May 21, 2022. The board made the decision based on recommendations from the company’s Nomination and Remuneration Committee (NRC), Infosys Limited said in a listing filing with the exchanges.
Salil Parekh has been Infosys’ Chief Executive Officer and Managing Director since January 2018. His re-appointment is subject to shareholder approval.
“It should be noted that Salil Parekh is unrelated to any member of the Board of Directors and meets all criteria for re-appointment as Chief Executive Officer and Managing Director under applicable law, including circulars issued by stock exchanges from time to time” , so called Infosys.
Mr. Parekh brings more than thirty years of global experience in the IT services industry with a strong track record of driving digital transformation for enterprises, executing turnarounds and managing successful acquisitions, it said.
Prior to his appointment to Infosys, Mr. Parekh was a member of the Group Executive Board at Capgemini, where he held various leadership positions for 25 years. He was also a partner at Ernst & Young and is widely recognized for bringing scale and value to the consultancy’s Indian operations.
The Infosys Board of Directors has also approved a grant of 104,000 shares to six key executives and an additional 375,760 shares to 88 other executives.
These Performance Stock Units are granted under the 2019 Infosys Expanded Stock Ownership Plan and vest over a 3-year period upon the achievement of certain milestones under the shareholder-approved plan. The grant date for these stock units is set to be June 1, 2022, Infosys told exchanges.