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IT giant Infosys has announced that Salil Parekh has been reappointed as Chief Executive Officer (CEO) and Managing Director (MD) by the Board of Directors. His new term will be effective from July 1, 2022 to March 31, 2027. The reappointment is subject to approval by shareholders.
Parekh, has been the CEO and MD of Infosys since Jan 2018 and has led the company over the last four years. He has more than thirty years of global experience in the IT services industry with a strong track record of driving digital transformation for enterprises, executing business turnarounds, and managing successful acquisitions.
The story so far under Parekh’s watch
Under his leadership, in the last four years, the company’s revenue has spiked by 68 per cent from ₹7,3715 crore to ₹1,23,936 crore. Also, net profit has risen by 37.55 per cent from ₹16,100 crore to ₹22,146 crore. The Infosys scrip has risen by 165 per cent in his first term.
During Covid-19, Infosys saw exponential growth and even outperformed its peers by increasing its digital investments and enabling enhanced cloud, design and data offerings. Under Parekh’s watch, Infosys even bagged large deals from companies such as Rolls-Royce, Vanguard and Daimler.
Parekh was appointed in December 2017, by the board of Infosys. He was appointed after a long executive search led by its Chairman Nandan Nilekani and Kiran Mazumdar Shaw, who then headed Infosys’ nomination and remuneration committee.
The hunt for Parekh began after the then incumbent Vishal Sikka resigned owing to a public feud with Co- founder NR Narayana Murthy. Sikka had implied interference by some promoters hinting at Murthy.
Parekh’s earlier experience
Earlier, Parekh was a member of the Group Executive Board at Capgemini, where he held several leadership positions for 25 years. Salil was also a Partner at Ernst & Young and is widely credited for bringing scale and value to the Indian operations of the consultancy firm.
He holds 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.
Performance stock units
Infosys also said that to ensure continuity and commitment of the leadership of the organisation for driving the growth journey over the next few years, the nomination remuneration and compensation committee (NRC) has approved a grant of 1,04,000 shares to six key managerial personnel (KMPs) and another 3,75,760 shares to 88 other senior executives of the organisation.
These performance stock units (PSUs) will be granted under the Infosys Expanded Stock Ownership Plan 2019, and will vest over three years on the achievement of certain milestones, in line with the plan approved by shareholders. The date of the grant for these PSUs shall be June 1, 2022, the stock exchange filing further said.
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