Infosys reappoints Salil Parekh as MD & CEO

The board of directors of information technology giant Infosys has re-appointed Salil Parekh as chief executive officer and managing director of the company for a period of five years.

Parekh has been reappointed as MD & CEO of the software services giant from July 1, 2022, to March 31, 2027, 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," India's second largest software services provider said in an exchange filing.

Salil Parekh has been the chief executive and managing director of Infosys since January 2018 and has successfully led the company over the last four years.

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. He was earlier a member of the group executive board at Capgemini, where he held several leadership positions for 25 years. He was also a partner at Ernst & Young and is widely credited for bringing scale and value to the Indian operations of the consultancy firm. He holds master of engineering degrees in computer science and mechanical engineering from Cornell University, and a bachelor of technology degree in aeronautical engineering from the Indian Institute of Technology, Bombay.

The company also announced performance-linked stock units to 88 senior executives amid rising attrition. "To ensure continuity and commitment of the leadership of the organisation for driving the growth journey over the next few years, the NRC has approved a grant of 104,000 shares to 6 KMPs and another 375,760 shares to 88 other senior executives of the organisation. These Performance Stock Units ('PSU's') 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 PSU's shall be June 1, 2022," the IT firm said.

Infosys recorded a 12% year-on-year rise in its consolidated net profit at ₹5,686 crore in the January-March quarter of the financial year 2021-22 on large deal wins. The company's consolidated revenue from operations grew 22.7% to ₹32,276 crore in Q4 FY22 compared with ₹26,311 crore during the corresponding quarter last year.

Infosys' digital revenues in Q4 FY22 were 59.2% of its total revenues, with YoY constant currency growth of 38.8%. For the full financial year 2021-22, Infosys' revenue grew 21.1% YoY to ₹1,21,641 crore, while its net profit rose 14.3% to ₹22,110 crore.