The Bengaluru-based company's board, which met on Saturday, accepted recommendations of the nomination and remuneration committee to reappoint Parekh for the period from July 1, 2022 to March 31, 2027, it said in an exchange filing on Sunday.
The IIT-Bombay<\/a> and Cornell graduate has been at the helm of Infosys since January 2018, having taken over from then interim chief executive and managing director, UB Pravin Rao, following a period of sustained upheaval in the top echelons.
In August 2017, Vishal Sikka<\/a> had abruptly quit his role as Infosys CEO following disagreements with the founding members of the software giant.
Parekh's tenure has marked a return to stability and high-powered performance for the IT bellwether, which saw revenue growth of 38% - in dollar terms - in the past three fiscals to March 2022, outshining that of larger rival Tata Consultancy Services<\/a>.
In financial year 2022, Infosys - winner of Company of the Year at The Economic Times Awards for Corporate Excellence 2021 - clocked 19.7% revenue growth in constant currency, its fastest in 11 years.
The Bengaluru-based company's board, which met on Saturday, accepted recommendations of the nomination and remuneration committee to reappoint Parekh for the period from July 1, 2022 to March 31, 2027, it said in an exchange filing on Sunday.
The IIT-Bombay<\/a> and Cornell graduate has been at the helm of Infosys since January 2018, having taken over from then interim chief executive and managing director, UB Pravin Rao, following a period of sustained upheaval in the top echelons.
In August 2017, Vishal Sikka<\/a> had abruptly quit his role as Infosys CEO following disagreements with the founding members of the software giant.
Parekh's tenure has marked a return to stability and high-powered performance for the IT bellwether, which saw revenue growth of 38% - in dollar terms - in the past three fiscals to March 2022, outshining that of larger rival Tata Consultancy Services<\/a>.
In financial year 2022, Infosys - winner of Company of the Year at The Economic Times Awards for Corporate Excellence 2021 - clocked 19.7% revenue growth in constant currency, its fastest in 11 years.
Focus on Cloud <\/strong>
The IT giant's focus on cloud-based services paid off and helped it stand out amid intense competition for the digital<\/a> pie of global technology spends.
Previously, cofounder and non-executive chairman Nandan Nilekani singled out Infosys' turnaround under the leadership of Parekh for praise, pointing out that the company was quick to cash in on the cloud and digital transformation trends worldwide much before the Covid-19 pandemic struck.
Digital revenues now account for nearly 60% of Infosys' total sales. Analysts are of the view that ever since Parekh took charge, there has been more stability at top management. In addition, his \"strategy of focusing on investments in digital capabilities and strong execution has helped the company to report strong growth compared to its larger peer,\" said Ashis Dash of Sharekhan by BNP Paribas<\/a>.
Premium Pay<\/strong>
Parekh is also one of the top paid IT leaders in the country. He took home Rs 49.7 crore in 2020-21. His compensation included Rs 30.99 crore in stock options and Rs 38 lakh in retiral benefits. Infosys' annual report for FY22 is yet to be released.
This ranks against the Rs 20.4 crore drawn by TCS<\/a>' Rajesh Gopinathan and Rs 64.4 crore taken by Wipro<\/a> counterpart Thierry Delaporte last year. TCS is the only company in the top five IT companies to release its annual report for FY22, where Gopinathan's compensation has jumped 26.6% to Rs 25.8 crore.
HCL Tech<\/a> chief executive Vijayakumar had drawn a remuneration of Rs 0.6 crore last year.
Industry watchers reckon Parekh's second term will require focus on overcoming supply-side issues and retaining talent - one of his biggest challenges as the company struggles to maintain the attrition rate at its comfort level. \"Also, we must watch out how Infosys executes deals amid the ongoing macro challenges for FY23,\" Dash noted.
To ensure commitment of the company's leadership to drive the growth journey over the next few years, Infosys' nomination and remuneration committee has approved a grant of 104,000 shares to six key managerial personnel and another 375,760 shares to 88 other senior executives, the filing added.
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