IT services company Infosys Limited re-appointed Salil Parekh as its Managing Director and Chief Executive Officer for the next five years till March 2027, ANI reported.

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The company's board of directors held a meeting on May 21, when they took the decision, based on the firm's Nomination and Remuneration Committee's (NRC) recommendations, Infosys stated in a regulatory filing to the stock exchanges.

Parekh has been Infosys' MD and CEO sine January 2018. His re-appointment would be subject to the shareholders' approval.

"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," ANI quoted Infosys as saying.

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Parekh has over 30 years of experience in the IT services industry globally, the company said, adding that he has a track record of driving enterprises' digital transformation, executing business turnarounds as well as managing successful acquisitions.

Parekh was a member of Capgemini's Group Executive Board, where he held many leadership positions for 25 years, prior to his appointment to Infosys. He also served at Ernst & young as a partner and is credited widely for bringing value and scale to the consultancy firm's Indian operations.

The board of directors at Infosys also approved a grant of 104,000 shares to six key management personnel and another 375760 shares to 88 other senior executives, the agency reported.

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 stock units shall be June 1, 2022, Infosys informed the stock exchanges, reported ANI.

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First Published:May 22, 2022 5:38 PM IST