Infosys Limited, India's second-largest IT services company, on Sunday said it has reappointed Salil Parekh as its chief executive officer (CEO) and managing director (MD) for a five-year term ending March 2027.
The decision was taken in the meeting of the company's Board of Directors held on May 21, 2022.
The board took the decision based on the recommendations of the Nomination and Remuneration Committee (NRC) of the company, Infosys Limited said in a regulatory filing to the stock exchanges.
Salil Parekh has been the Chief Executive Officer and Managing Director of Infosys since January 2018. His reappointment is subject to the approval of shareholders.
"It may be noted that Salil Parekh has no relationship with any member of the Board of directors and meets all the criteria to be reappointed as Chief Executive Officer and Managing Director under applicable laws including circulars issued by stock exchanges from time to time," Infosys said.
Parekh 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, it said.
Before his appointment to Infosys, Parekh was a member of the Group Executive Board at Capgemini, where he held several leadership positions for 25 years. He also served as a Partner at Ernst & Young and is widely credited for bringing scale and value to the Indian operations of the consultancy firm.
Infosys board of directors has also approved a grant of 104,000 shares to six key management personnel and another 375,760 shares to 88 other senior executives. These Performance Stock Units will be granted under the Infosys Expanded Stock Ownership Plan 2019, and will vest over 3 years on the achievement of certain milestones, in line with the plan approved by shareholders. The date of the grant for these stock units shall be June 1, 2022, Infosys informed the stock exchanges.
(With PTI inputs)