Infosys shares goes up to 4% on appointment of CEO and MD

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Infosys shares goes up to 4% on appointment of CEO and MD

Shares of Infosys 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.