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Infosys jumps 4 pc on appointment of CEO & MD Salil Parekh

Press Trust of India  |  New Delhi 

of today surged four per cent in morning trade on the bourses after the company announced the appointment of new CEO & MD Salil Parekh.

On December 2, said it has appointed Parekh as its CEO and Managing Director, concluding the three-month high-profile executive search at the country's second largest IT firm.


Following the announcement, of the company today opened on a bullish note at Rs 983.00, then gained further ground and surged 4.01 per cent to touch an early-day high of Rs 996.95.

Similar movement was seen on NSE, where the stock opened at Rs 980.00, then surged to an early-high of Rs 996.80, registering a jump of 3.96 per cent over its previous closing price.

The Bengaluru-based firm had initiated the executive search after CEO resigned in August following a protracted acrimony between the management and the founders.

UB Pravin Rao, who was filling in the CEO role on an interim basis, will now continue as Chief Operating Officer and a whole-time Director of the company, said in a statement.

Parekh, who will take over his role at on January 2, 2018 for a period of five years, was a member of the Group Executive Board at French firm Capgemini.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 13:20 IST
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