Infosys Ltd ADR (NYSE:INFY) stock was up on Monday following the announcement of a new CEO.
Infosys Ltd ADR says that Salil Parekh will be taking over as its new CEO and Managing Director. This will have him replacing U B Pravin Rao, who has been acting the the interim CEO of the company while it was searching for a new one.
Infosys Ltd ADR’s Board of Directors were responsible for choosing Salil Parekh as the next CEO and Managing Director of the company. Parekh will be joining INFY starting on Jan. 2, 2018. Parekh was previously a member of Capgemini’s Group Executive Board.
“He has nearly three decades of global experience in the IT services industry. He has a strong track record of executing business turnarounds and managing very successful acquisitions,” Nandan Nilekani, Chairman of the Board at Infosys Ltd ADR, said about Parekh.”The Board believes that he is the right person to lead Infosys at this transformative time in our industry.”
Once Parekh takes over as the CEO of Infosys Ltd ADR, Rao will continue to serve the company as its COO. INFY also notes that Rao will continue to be the whole-time Director of the Company.
Infosys Ltd ADR has been searching for a new CEO since the surprise resignation of Dr. Vishal Sikka in August. The former CEO left the company due to drama and his departure came with a drop to INFY stock.
INFY stock was up 3% as of noon Monday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.