Salil S Parekh appointed CEO and MD of Infosys

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Back in 2014, when Infosys was hunting for a new CEO, Parekh lost to Vishal Sikka.

MUMBAI, Dec 2 (Reuters) - Infosys, India's No.2 IT services company, named Salil S Parekh as chief executive on Saturday, picking an outsider for the job for a second time and handing him the twin challenges of reviving growth and forging peace between its founders and board following a public spat.

Parekh will take on the role from January 2, and was a member of Capgemini's group executive board, Infosys said in a filing to the stock exchange on Saturday.

A major one would involve maintaining peace between the founders and the management, they said, adding that Parekh's performance would also depend on the how much independence he gets in decision making. Parekh's appointment puts an end to the over two months of executive search at Infosys.

Parekh is also credited with leading the takeover of i-Gate by Capgemini for Dollars 4 billion.

This time round co-founder Nandan M. Nilekani was recalled, a week after Sikka's resignation, to run the company as non-executive chairman and find a new CEO.

Parekh has a master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University.

"We are delighted to have Salil joining as the CEO and MD of Infosys", Nandan Nilekani, Chairman of the Infosys Board, said. He has almost three decades of global experience in the IT industry and has a strong track record of executing business turnarounds. he also manages everything with very successful acquisitions. "He has a strong track record of executing business turnarounds and managing very successful acquisitions", while announcing the appointment of Parekh.

Parekh, who is now based out of Mumbai, will relocate to Bengaluru, which houses Infosys's headquarters. "Salil contributed in particular to the development of the Group in India and in the US", Capgemini CEO and chairman Paul Hermelin said in a statement.

His departure will be effective on January 1, the statement said.

According to Infosys filing at stock exchanges, Parekh has been appointed for a five-year term effective January 2. However, Capgemini's market cap of €16.35 billion ($19.45 billion) is less than Infosys's market cap of $33.6 billion.

Salil joined Capgemini in 2000 as a result of the acquisition of the consulting division of Ernst and Young and occupied various leadership positions in the Group. He had been with the company for 17 years. He expected to stay and help the new CEO, he had said at the time, adding that he would eventually step down.

"After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD".

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