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Kevan Parekh and the rise of Indian-origin leaders in multinational companies

New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> recently appointed its new CFO</li><li>The company's new CFO is <keyword id="19990665" type="General" weightage="20" keywordseo="Indian-origin" source="keywords">Indian origin</keyword> <keyword id="22930009" type="General" weightage="100" keywordseo="Kevan-Parekh" source="keywords">Kevan Parekh</keyword></li><li>He will assume his new role in 2025</li></ul> Just after confirming the launch date of the iPhone 16, Apple had another announcement in store. The company announced a change in its leadership team and appointed Kevan Parekh as its new <keyword id="19955483" type="General" weightage="20" keywordseo="Chief-Financial-Officer" source="keywords">Chief Financial Officer</keyword>, effective January 1, 2025. Parekh, who has been a vital part of Apple’s finance leadership for over a decade, will succeed <keyword id="20142289" type="General" weightage="20" keywordseo="Luca-Maestri" source="keywords">Luca Maestri</keyword>, a seasoned executive credited with more than doubling Apple’s revenue during his tenure. Read on to know all about the Indian-origin senior Apple executive. <h2>Who is Apple new CFO Kevan Parekh</h2> Parekh has been with Apple for 11 years and is currently leading Financial Planning and Analysis, G&amp;A and Benefits Finance, Investor Relations, and Market Research. Prior to this, he led Worldwide Sales, Retail, and Marketing Finance at Apple. Parekh began his tenure at Apple by leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams. Before joining Apple, Parekh honed his financial expertise at industry giants Thomson Reuters and General Motors. At Thomson Reuters, he climbed the ranks to become Corporate Treasurer, where he was responsible for overseeing the company's global financial operations. His stint at General Motors saw him take on significant roles, including Director of Business Development in New York and Regional Treasurer in Zurich, where he managed financial operations across Europe. Talking about Parekh’s academic background, he holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. As Parekh steps into his new role, Apple is on the brink of launching a series of AI-powered features that could redefine the iPhone experience. <h2>Apple’s press release</h2> In a press release, Apple noted that as Parekh assumes his new role, Luca Maestri will be continuing his journey in the company. Although he will step down as CFO, Maestri will continue to lead Apple’s Corporate Services teams, including information systems and technology, information security, and real estate and development. “During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times,” the company said in the press release. Talking about the next CFO and his next stint with Apple, Maestri said, “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.” <h2>CEO Tim Cook about Kevan Parekh</h2> Apple CEO Tim Cook also expressed his confidence in Parekh’s ability to lead the company’s financial strategy. “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook said according to a press release by Apple. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/one-of-tim-cooks-big-bets-is-paying-off/articleshow/111763164.cms" data-type="tilCustomLink" target="_blank">One of Tim Cook's big bets is paying off</a> <a href="https://www.businessinsider.in/tech/news/the-iphone-16-is-less-than-3-months-away-heres-what-to-expect/articleshow/111412824.cms" data-type="tilCustomLink" target="_blank">The iPhone 16 is less than 3 months away here's what to expect</a>

Apple's new CFO is Indian origin Kevan Parekh: All you need to know

<keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword>, CEO and managing director at <keyword id="19906778" type="General" weightage="20" keywordseo="infosys" source="keywords">Infosys</keyword>, has joined the US-<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Strategic and Partnership Forum as a member of its board of directors. An industry veteran with nearly three decades in the IT services industry, executing business turnarounds and managing successful acquisitions, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword>, in his capacity as Infosys CEO, sets the strategic direction of one of India's most notable IT giants while nurturing a strong leadership team to drive its execution. "<keyword id="20696168" type="General" weightage="20" keywordseo="salil" source="keywords">Salil</keyword>'s recent addition to the USISPF Board accentuates the success story of Indian IT giants in the US For years. Infosys has been a household name in India, and IT services are one of India's biggest exports to the United States," said USISPF president and CEO Mukesh Aghi. "In an era of digital economy and digital trade, Infosys' success in the US is a testimony to the growing synergy in tech ties and how India's robust tech talent plays an integral part in strengthening and growing the tech sector in the United States," Aghi said. USISPF chairman John Chambers said Salil and Infosys' participation on the USISPF Board will help forge a critical reliance for the two economies by consolidating digital trade, ultimately further establishing India as an innovation partner to the world, which is the organisation's core mission. "I'm thrilled to have Salil, a leader with a great track record in the IT industry, join the USISPF Board. Infosys' impact in the American tech industry has been extremely important, and the company played a vital part in India's nearly USD 200 billion software exports for 2023," Chambers said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a><a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank">From usernames to secret codes for locked chats, here are the upcoming WhatsApp features</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a>

Infosys CEO Salil Parekh joins USISPF Board

IT services company <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> on Thursday announced a three-year partnership with <keyword id="24244" type="General" weightage="50" keywordseo="rafael-nadal" source="Orion">Rafael Nadal</keyword>, onboarding the global tennis star as ambassador for the brand and Infosys' Digital Innovation. To mark Nadal's first-ever collaboration with a digital services company, Infosys and Nadal's coaching team are developing an AI-powered match analysis tool, the Bengaluru-headquartered company said in a release. This personalised tool will be available in real time to Nadal's coaching team to simultaneously track insights from his live matches, when he is back on tour, along with historical data from his earlier matches. The company release announced the partnership, saying "Infosys onboards tennis icon Rafael Nadal as ambassador for the brand and Infosys' Digital Innovation." According to Infosys, Nadal is a perfect embodiment of what it takes individuals or business leaders to evolve and continually navigate their next. Globally acknowledged as one of the legends in sports, he also has had the ability to change with the changing rigors of tennis over the years. "I'm very happy to work closely with Infosys, as they work to not only evolve the experience of tennis to the times, but also empower people in our communities to be part of a brighter future. I love the way Infosys has brought its digital expertise across industries to the global tennis ecosystem," Nadal said. <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword>, Chief Executive Officer and Managing Director, Infosys said it is an honour to welcome Nadal, one of the world's most respected champion athletes and humanitarians, as an ambassador for Infosys. "He is someone who personifies the spirit of always evolving, never giving up, utmost dedication and determination to give the very best in every situation," Parekh said.

Infosys ropes in tennis icon Rafael Nadal as brand ambassador

New Delhi, HDFC Chairman <keyword id="6448020" type="General" weightage="50" keywordseo="deepak-parekh" source="Orion">Deepak Parekh</keyword> on Friday exuded confidence that the synergies between <keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with <keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>'s core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1. "For HDFC Bank, a home loan customer marks the beginning of a journey of having a customer in perpetuity. HDFC Bank is excited at the prospect of cross-selling an array of asset and liability products to home loan customers. This will be done seamlessly on their digitalisation platforms - all through a one-click experience," he said. HDFC Bank's vast distribution network will be better harnessed for both home loans and the group companies, he said. "The confidence I derive is the agreed tenet of this integration --preserving the fabric of the 'HDFC way of working'. This has also been publicly articulated by the leadership at HDFC Bank," he said. What the future holds, only time will tell, he said, adding, the biggest risk organisations face today is staying with the status quo, believing what worked well yesterday will continue in the future. Change takes courage as it displaces one from the cocoon of comfort and familiarity, he said. Parekh said it is time for him to hang his boots and expressed hope for an exciting future and prosperity. "It is my time to hang my boots with both anticipations and hopes for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity," he said. Parekh earlier this week had said that June 30 will be his last working day after spending 46 years at the Corporation and when asked what he will do after the board meeting, he jokingly quipped. "I will have a few drinks". Observing that working on a merger of this scale has been challenging and rewarding, he said, "yet, what amazed us the most has been the immense goodwill and strong relationships that HDFC as a group has." The approvals by the <keyword id="139820" type="General" weightage="50" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of India, the <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword>, the shareholders and the regulators were important merger milestones. "In all our dealings pertaining to the merger, the HDFC group has been treated in a fair and just manner. We stand committed to adhering to the prerequisites as stipulated by the regulators, respecting the fact that these decisions are made keeping in mind the best interests of the Indian financial ecosystem," he said. As HDFC hands the baton, he wished that the core founding values of kindness, fairness, efficiency and effectiveness gets woven deeper into the fabric of the HDFC group. Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore. The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> with a 10.4 per cent weightage. Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

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Kevan Parekh and the rise of Indian-origin leaders in multinational companies

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Infosys CEO Salil Parekh joins USISPF Board

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Infosys ropes in tennis icon Rafael Nadal as brand ambassador

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