After months of boardroom struggle that culminated in the second innings for Nandan Nilekani, there is finally some cheer with the company finally announcing a new CEO.

According to exchange filings, Infosys, the second largest Indian IT software services consultancy firm will be headed by Salil Satish Parekh. Parekh, the former executive with consultancy firm Capgemini, will also be serving as the managing director at Infosys for a five-year term commencing from January 2.

The 52 year old Parekh has three decades of experience with IT services firms, and spent the last decade with Capgemini. Parekh's association with Capgemini was that of the Deputy-CEO, and he was also a member of the Group Executive Board at Capgemini. He holds a Master in Computer Science and Mechanical Engineering from the prestigious Cornell University. He also has a Bachelor in Aeronautical Engineering from IIT-Bombay.

Interim CEO Pravin Rao is slated to be re-designated as the chief operating officer of Infosys from Jan. 2 onwards added a statement from Infosys.

Nandan Nilekani, current Chairman at Infosys was quoted saying that Infosys was delighted to have Parekh on board. Nilekani commented that the board believed Parekh as the "right person" to lead Infosys towards a transformation. "He has a strong track record of executing business turnarounds and managing very successful acquisitions," he said.

This is precisely what led Nilekani back to Infosys.

Kiran Mazumdar Shaw, the MD at Biocon India, and an independent Director with Infosys had been regularly in sync with Nilekani in the selection process. Shaw shared that Parekh was the top choice and his track record and "extensive experience" made the board believe that "we have the right person to lead Infosys".

Vishal Sikka, the man who Parekh had lost out during a 2014 process for a new CEO, was involved in a bitter boardroom battle. The saga involved NR Narayana Murthy, the hi-profile founder at Infosys launching scathing remarks, questioning transparency and governance standards at India's #2 Information Technology Services company. In August 2017, the scrip of Infosys tanked to figures of Rs 860, its most low in nearly three years.

NR Narayana Murthy complaints governance issues, as early as February 9 2017, but the simmering feud is revealed only months later. Read it here.

Unlike Sikka, who preferred to work from the confines of Palo Alto, California, Parekh would be stationed in Bengaluru, and confirmed his availability to relocate from Mumbai.

Unlike Sikka who has had more of a product development experience, Parekh has been touted to be a man with expertise in across Sales and Customer-Delivery teams too, which could benefit Infosys retain clients.

Wishes poured from most hi-profile names from the IT services industry. Paul Hermelin, the CEO at Capgemini, the 50 year old and Euro 12.5 bn IT services firm, thanked Parekh for his contribution to Capgemini's development in India.

Nasscom's President President R. Chandrasekhar as well as CP Gurnani, Tech Mahindra's Chief executive and a revered personality in the industry, shared positive views on Parekh's candidature.

T.V Mohandas Pai, former Infosys Director and Manipal Global Education' Chairman hoped that Parekh's appointment worked out better as there was a similar business background between Infosys and Capgemini.

Parekh's elevation resulted in the scrip bouncing 35.50 points or 3.70% by noon to race off to Rs 994 per share on the Bombay Stock Exchange.

On a day that BSE' Information technology (up by 1.70%) and BSE' Teck (up by 1.49%), sectoral indices, had an impressive day of gains, Infy was the leading scrip on Teck' heatmap.