Infosys extends CEO Parekh’s tenure by 5 years

BENGALURU: The Infosys board has reappointed Salil Parekh as CEO and MD for a five-year period effective July 1. The reappointment is subject to shareholder approval, the company said in a stock exchange filing on Sunday. Parekh, a former Capgemini top executive, took over as CEO and MD of Infosys in 2018, following a turbulent period in the company that eventually saw the exit of former CEO Vishal Sikka and several board members.

Parekh stuck to the core services strength of Infosys, instead of moving in the direction of products and platforms that Sikka was keen on. Infosys has grown at a scorching pace in the last three years under Parekh. In 2021-22, its revenue grew 19. 7% in constant currency, significantly hig- her than TCS’s 15. 4%. Infosys has provided strong guidance for 2022-23, at 13-15% in constant currency.

The company’s filing 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 and remuneration committee (NRC) has approved a grant of 104,000 shares to 6 key managerial personnel and another 375,760 shares to 88 other senior executives.

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 the PSUs shall be June 1, the company said.