BENGALURU: After months of stress, turmoil and billions of dollars in shareholder value destruction, Infosys has finally named a new CEO, Capgemini’s Salil Parekh.
With Infosys’ first attempt at a non-promoter CEO in Vishal Sikka ending in bitter acrimony, accusations of governance lapses, law suits and plenty of dirty linen washed in public, the company is hoping to start the new year on a clean slate by appointing the 53-year old Mumbai-based Parekh to lead the country’s second largest IT services firm.
The drama surrounding Infosys’ CEO search has in recent times rivalled by what transpired at the Tata Group. However, unlike the Tatas who finally opted for an insider to be chairman of Tata Sons, Infosys has again looked outside and brought in Parekh, apparently much to the disappointment of the internal candidates. Whether this will lead to another round of exits has to be seen.