The board of IT services major Infosys has approved the reappointment of Salil Parekh as Chief Executive Officer (CEO) and Managing Director of the company for five more years, till March 31, 2027, according to a regulatory filing.
This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and subject to the approval of shareholders.
“…Board of Directors, in their meeting held on May 21, 2022, based on the recommendations of the Nomination and Remuneration Committee (NRC) have approved …Reappointment of Salil Parekh as Chief Executive Officer and Managing Director of the company from July 1, 2022 to March 31, 2027, subject to the approval of shareholders,” the BSE filing said.
Parekh has been the MD and CEO of Infosys since January 2018. He 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, in the filing, further said that to ensure continuity and commitment of the leadership of the organisation for driving the growth journey over the next few years, the NRC has approved a grant of 104,000 shares to 6 KMPs (Key Managerial Personnel) and another 375,760 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 company informed.
The date of the grant for these Performance Stock Units will be June 1, 2022.