Information technology major Infosys reappointed Salil Parekh as Chief Executive Officer and Managing Director for five more years.
This shows the company’s confidence in Parekh’s performance after he took over the top job in January 2018.
In a statement to the exchanges, India’s second largest IT company said, “Salil Parekh has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and has successfully led the company over the last 4 years”.
Parekh has held several leadership positions at Capgemini for 25 years. He holds a bachelor’s degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay and has completed his masters in Computer Science and Mechanical Engineering from Cornell University.
Infosys also approved 1,04,000 shares to six key management personnel and another 3,75,760 shares to 88 other senior executives. Giving the rationale behind the move, the company said it is being done to “to ensure continuity and commitment of the leadership of the organisation for driving the growth journey over the next few years”. This move is being seen as a bid to retain top leadership amid the ongoing talent war in major IT firms.
These shares, called Performance Stock Units, will vest over 3 years on the achievement of certain milestones, “in line with the plan approved by shareholders” and will come into effect from June 1, 2022.