IT major Infosys on Sunday said its board of directors has approved the re-appointment of Salil Parekh as the chief executive officer (CEO) and managing director (MD) of the company, from July 1 this year to March 31, 2027. The board has also approved a grant of shares to senior executives of the organisation under the Infosys Expanded Stock Ownership Plan 2019.
“This is to inform you that the board of directors, in their meeting held on May 21, 2022, based on the recommendations of the Nomination and Remuneration Committee (NRC) have approved the following1. Reappointment of Salil Parekh (DIN: 01876159) as Chief Executive Officer and Managing Director of the Company from July 1, 2022 to March 31, 2027, subject to the approval of shareholders,” Infosys said on Sunday in a regulatory filing.
The company added 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.
Salil Parekh has been the CEO & MD of Infosys since January 2018 and has successfully led the company over the past four years. Salil has more than 30 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.
Earlier, Salil was a member of the group executive board at Capgemini, where he held several leadership positions for 25 years. Salil 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.
“To ensure continuity and commitment of the leadership of the organisation for driving the growth journey over the next few years, the NRC (nomination and remuneration committee) has approved a grant of 1,04,000 shares to 6 KMPs and another 3,75,760 shares to 88 other senior executives of the organisation. These performance stock units 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 these PSUs shall be June 1, 2022,” Infosys said in the filing.
Infosys reported a consolidated net profit of Rs 5,686 crore for the March 2022 quarter, a growth of 12 per cent as compared with Rs 5,076 crore in the year-ago quarter. The company’s revenue jumped 22.7 per cent to Rs 32,276 crore, against Rs 26,311 crore in the March 2021 quarter. On the outlook, Infosys has given a revenue growth guidance of 13-15 per cent in the constant currency term for the financial year 2022-23. The guidance on operating margin for FY23 is 21-23 per cent.