Infosys shares jump 4% on appointment of CEO & MD Salil Parekh
The Bengaluru-based firm had initiated the executive search after CEO Vishal Sikka resigned in August following a protracted acrimony between the management and the founders.business Updated: Dec 04, 2017 15:18 IST
Shares of Infosys on Monday 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, Infosys 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, shares of the company today opened on a bullish note at Rs 983.00, then gained further ground and surged 4.01% 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% over its previous closing price.
The Bengaluru-based firm had initiated the executive search after CEO Vishal Sikka 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, Infosys said in a statement.
Parekh, who will take over his role at Infosys on January 2, 2018 for a period of five years, was a member of the Group Executive Board at French firm Capgemini.