Parekh, who held the designation of CEO of Capgemini's UK, Asia and financial services businesses, will be the sixth CEO of Infosys, which was started in 1981 by seven middle-class engineers, including founder Narayana Murthy and Nilekani.
"He has a very strong IT services and consulting pedigree, which is proven with many years of technology and business leadership experience", said Phil Fersht, CEO and Chief Analyst at research firm HfS Research.
Mr. U B Pravin Rao will step down as the interim CEO and Managing Director effective January 2, 2018 and will continue as Chief Operating Officer and a whole-time Director of the Company.
"Personally, I think this is the right balance - he brings experience from competitor Capgemini, which has strong consulting and delivery businesses, and he won't try and disrupt the Infosys culture as aggressively as Vishal Sikka".
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Sikka had come under fire from some founders over his style of corporate governance and salary increases for top executives. "The board believes that he is the right person to lead Infosys at this transformative time in our industry", Infosys chairman Nandan Nilekani said. Parekh will join Infosys after his exit from Capgemini, where he was stationed as the member of the Group Executive Board. He will take over at Infosys on January 2, the Bengaluru company said in a press release on December 2.
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Parekh has Masters degrees in computer science and mechanical engineering from Cornell University in the United States and is a B. Tech in aeronautical engineering from IIT-Bombay.
His departure will be effective on January 1, the statement said.
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"We are delighted to have Salil joining as CEO and MD of Infosys". Sikka, who joined from German software maker SAP SE in 2014, was the first outsider to be appointed CEO of the Bengaluru-headquartered company.
"Salil has relinquished his responsibilities within the Group and his managerial transition is already in place".
Capgemini reported €12.5 billion ($14.9 billion) in revenue for the last year as against Infosys ending with $10.2 billion in revenue for the year ended March 2017.
Former Infosys Director and Manipal Global Education Chairman T.V Mohandas Pai hoped that Parekh's appointment would work out better, as there was a similar business background in both the companies.
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"The only thing that is common between Vishal and him that they had not been the CEO of a publicly listed firm before their appointment to Infosys".