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A S Murty appointed as Satyam’s CEO

This article was posted on Feb 5, 2009 and is filed under Stock News

NEW DELHI: After a crucial two-day board meet, the six-member Satyam Computer Services board appointed by the government named AS Murty as the new Chief Executive Officer of the beleaguered firm. AS Murty was formerly, Head, Delivery and Leadership Development of Satyam. The board has also appointed Homi Khusrokhan and Partho Datta as Special Advisors to the Board, to assist in Management and Finance areas, respectively.

The Special Advisors, along with Boston Consulting Group will work pro bono and will assist the newly named CEO and the Board, in defining priorities and executing them, effectively.

The board today confirmed receiving bank sanctions of Rs 600 crores ($130 mn. approx) as a planned fund infusion towards working capital requirements.

This funding, along with healthy collections, is expected to help the company tide over its financial challenges.

The meeting, the fifth since the Company Law Board dissolved the depleted Satyam board after Ramalinga Raju, its disgraced founder confessed to a Rs 7,000 crore fraud is yet appoint a Chief Financial Officer of the company. New Satyam CEO capable, experienced: P C Gupta

The new chief executive of fraud-hit Satyam Computer Services is capable and highly experienced, the Corporate Affairs Minister said on Thursday.

A.S. Murty, a Satyam executive for 15 years, will be the chief executive of the company with immediate effect, Satyam said in a statement after a two-day board meeting in the southern city of Hyderabad. “He is a capable person. He has work experience of 17 years and he knows what is required being an insider.

I do not know why there is opposition from quarters,” Minister Prem Chand Gupta told reporters after meeting three members of Satyam’s government-appointed board. “We are sure about our selection. We know all aspects. He has an excellent track record,” Satyam board member Kiran Karnik told reporters.

source: Economictimes

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