The Bengaluru-based company’s board that met on Saturday appointed Parekh for the period from July 1 to March 31, 2027, based on the recommendations of the nomination and remuneration committee.
Parekh has been leading the role at Infosys since January 2018. He took over the role from then-interim CEO and MD and company veteran UB Pravin Rao. Rao had been appointed following the abrupt exit of CEO Vishal Sikka in August 2017 due to disagreements between him and the founding members of the company.
In the three fiscal years to March 2022, Infosys’ revenue, in dollar terms, has outshone larger rival . In the year-ended FY22, it also clocked 19.7% revenue growth in constant currency — its fastest in 11 years. It also won ET’s Company Of The Year for 2021 as its focus on cloud-based services has paid off and has helped the company stand out amid intense competition for the digital pie of client businesses.
To ensure the commitment of the leadership of the organisation to driving the growth journey over the next few years, the nomination and remuneration committee has approved a grant of 104,000 shares to 6 key managerial personnel and another 375,760 shares to 88 other senior executives of the organization, the filing added. These performance stock units will be granted under the Infosys Expanded Stock Ownership Plan 2019 and will vest over 3 years on the achievement of certain milestones.
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