Infosys celebrates new CEO

Infosys today rose over 3.5% to Rs.992.9, where it is quoted currently, the intra day high point as of now. It is like at a mid-point between its high and low; its 52-week high is at Rs.1045 and low is at Rs.861.50.

The stock is probably reflecting the relief – finally they have a CEO at its helm. The company on Saturday, named Salil Parekh of Capegemini as its CEO and MD. He was selected from a pool of 30 candidates who were considered for the job.

The good part – the company has once again opted for someone from outside and there are murmurs that this could cause some ruffle within the company and we might see another round of exits.

Parekh is an Aeronautical Engineer who went on to complete his Masters in Computer Science and Mechanical Engineering from Cornell University. He was a partner in global tax and audit firm Ernst & Young between 1992 and 2000 in financial services and joined Capgemini in 2000 as a result of the latter's acquisition of the consulting division of Ernst and Young. With some three decades of experience in IT financial sector, and given his successful history of turnaround stories, as of now, market seems happy with the choice.