Parekh, who is now an executive at consultancy firm Capgemini, will take over on January 2, 2018, Infosys said in a statement.
The 53-year-old Parekh has come up through ranks to become the executive, who played crucial roles in building offshore delivery capability at Capgemini.
"We are delighted to have Salil joining as the CEO & MD of Infosys".
"Salil's eminence and grooming in India will be a strong advantage to establish the right face to the Infosys brand, in addition to his experience of working across global cultures", he said. "The Board believes that he is the right person to lead Infosys at this transformative time in our industry", said Infosys Chairman Nandan Nilekani on the appointment.
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With a squad largely made up of players from Tunisian clubs Esperance and Etoile du Sahel, they also lack top-level pedigree. Wahbi Khazri is perhaps their best-known player following two years at Sunderland, but it is a squad without star quality.
Capgemini reported €12.5 billion ($14.9 billion) in revenue for the last year as against Infosys ending with $10.2 billion in revenue for the year ended March 2017.
This is the second time the company is bringing in an outsider for the top job.
N R Narayana Murthy, the company's founder-chairman and the man who led the charge against Sikka for alleged lapses in governance and deviation from Infosys' cultural values, endorsed the new candidate.
A major one would involve maintaining peace between the founders and the management, they said, adding that Parekh's performance would also depend on the how much independence he gets in decision making. "Salil contributed in particular to the development of the Group in India and in the US", Capgemini CEO and chairman Paul Hermelin said in a statement.
Parekh, joined Capgemini in 2000 after the company bought the consulting arm of Ernst and Young.
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Parekh, who held the designation of CEO of Capgemini's UK, Asia and financial services businesses, will be the sixth CEO of Infosys, which was started in 1981 by seven middle-class engineers, including founder Narayana Murthy and Nilekani.
In the company statement, Nilekani thanked Rao on behalf of the Board "for his leadership during this period of transition".
Ms. Kiran Mazumdar-Shaw, Chairperson of the Nomination & Remuneration Committee, stated, "After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD".
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