IT major Infosys on Sunday announced that its Board of Directors has reappointed Salil Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the Company for five more years starting July.
Parekh has been the CEO & MD of Infosys since January 2018.
“The board in a meeting on May 21 approved the reappointment of Parekh subject to the approval of shareholders.” the company said in a filing to exchanges.
Salil 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.
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.