India-based IT major Infosys announced last week that Salil Parekh will be taking over as the company’s CEO & MD on January 2, 2018.

Mr. Parekh has been serving as Executive Director on Capgemini’s Group Executive Board, and has been chosen from a global pool of talent to lead Infosys in what Chairman of the Board Nandan Nilekani said was a transformative time for the industry.

Mr. U B Pravin Rao will be stepping down asĀ interim CEO and Managing Director to resume his position as COO and full-time Director of Infosys.

On the appointment of Mr. Parekh, Mr. Nilekani said:

“We are delighted to have Salil joining as the CEO & MD of Infosys. 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. The Board believes that he is the right person to lead Infosys at this transformative time in our industry. The Board is also grateful to Pravin for his leadership during this period of transition.”

Infosys revenues on a trailing twelve months basis now exceed $10 billion.

Market capitalization is $36.09 billion on 2.297 billion shares outstanding, and the company’s stock (INFY) is currently trading at around 16.8 times earnings and 3.6 times sales.

Current stock price as of this writing is $15.71.

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