New CEO and CFO At Beleaguered Outsourcer Satyam

Troubled Indian outsourcer Satyam Computer Services announced the appointment of a new CEO and chief financial officer (CFO) on Tuesday. The two are former executives of Mahindra Group, the business group in the process of acquiring a majority stake in Satyam.

By John Ribeiro
Tue, June 23, 2009

IDG News Service — Troubled Indian outsourcer Satyam Computer Services announced the appointment of a new CEO and chief financial officer (CFO) on Tuesday. The two are former executives of Mahindra Group, the business group in the process of acquiring a majority stake in Satyam.

What Outsourcer Satyam's Ownership Change Means to Customers
Outsourcing Definition and Solutions

Satyam was plunged into a crisis in January after its founder B. Ramalinga Raju revealed that the company's revenue and profits had been over-stated for several years. The new government-appointed board decided to sell a majority stake in the company to a strategic investor, and Tech Mahindra, an outsourcing company of the Mahindra Group, was selected in a bid in April.

Tech Mahindra has four nominees on the board, while the government has six nominees including the chairman, Kiran Karnik. The government nominees to the Satyam board will continue in the near future, a spokesman for Satyam said on Tuesday.

Tech Mahindra's subsidiary Venturbay Consultants has so far acquired 31 percent of the equity of Satyam through a preferential issue of fresh equity. In line with the bid agreement, it made an open offer to Satyam's shareholders earlier this month to buy another 20 percent of the equity.

Satyam said on Sunday that it was adopting a new "Mahindra Satyam" brand, as it was now part of the Mahindra Group. The company name, however, was not changed.

C.P. Gurnani, the new CEO of Satyam, was previously Tech Mahindra's president for international operations. He replaces A.S. Murty as CEO. Murty, a Satyam executive, was appointed as CEO by the government-appointed board. He will continue as a senior member of the company's management, the spokesman said.

Satyam also appointed S. Durgashankar, a senior vice president at a Mahindra Group company, as the company's new CFO. The previous CFO Vadlamani Srinivas quit in the wake of the scandal.

Tech Mahindra also announced on Tuesday that Sanjay Kalra, its president for strategic initiatives, was promoted to CEO of the company. The current CEO Vineet Nayyar has been appointed as executive vice chairman of both Tech Mahindra and Satyam.

You are here: Business/Management Topics » Offshoring » News

Most Recent Offshoring Stories

White Papers »

Top Solutions and Tools to Prevent Devastating Malware

Custom malware frequently goes undetected. According to Forrester Research, the best way to reduce risk of breach is to deploy file integrity monitoring (FIM) tools that provide immediate alerts. This white paper has been brought to you by NetIQ, the leader in solving complex IT challenges.

Identity Governance: The Business Imperatives

This white paper describes the business challenges and opportunities that are driving interest in Identity Governance while discussing considerations your organization should make to help achieve project success.

CA Technology Brief: CA Point of View: Content Aware Identity & Access Management

This paper explores the concept of content-aware IAM, describes the integrated architecture for this new approach, and highlights the benefits that this approach provides.

Measuring the Business Value of CI in the Data Center - IDC-HP White Paper

One of the key strategies that IT teams are pursuing to reduce capital costs while boosting asset utilization and employee productivity is the transition to highly virtualized data centers. However, IDC finds that expectations for further boosts in IT asset use and operational efficiency often surpass the actual results for a variety of reasons. These problems can quickly overwhelm any hoped-for benefits as the scope of virtual server deployment expands.

Accelerate time to application value

For your IT organization to keep pace with the business, you need a new, faster approach to infrastructure deployment-an approach that increases agility and accelerates time to application value. That's HP Converged Systems. Built on Converged Infrastructure, these systems deliver the industry's first portfolio of pre-integrated, tested, and optimized infrastructure solutions for applications running in virtual, cloud, dedicated, or hybrid environments.

Business Value of Blade

The nature of the blade platform makes system management, monitoring and provisioning easy and efficient. Access this resource to learn how blade migration will save your data center time and money while increasing performance.

Webcasts »

Apps QuickStart Series Part 2: Designing and Deploying SQL Server on VMware vSphere

Download this webcast to learn about the design considerations for virtualizing SQL workloads, performance and scalability information and high-availability options, as well as support considerations

Quantifying the Business Value of VMware View - Webcast

Many enterprises have discovered that the use of virtualization to support desktop workloads creates a range of significant benefits. These benefits include price efficiencies, improved IT management and greater agility and choice for end users.

This VMware sponsored webcast with IDC will provide both quantitative measurement of the business value -- defined as the expected ROI -- and qualitative analysis associated with the use of VMware View™. IDC will also provide an analysis of the View Composer and ThinApp™ features of VMware View, including the business value of these solutions and an overview of how they work.

Attend this webcast to learn about:
- Challenges and barriers that might impede the adoption of desktop virtualization
- Navigating roadblocks to facilitate a strategic implementation
- Optimizing qualitative and quantitative benefits to IT and your business

Architecting a Modern Approach to Data Management

Applications are changing - they're increasingly web-oriented, global in nature and run from multiple device types. Additionally, the volume of data is growing exponentially every year. How do you ensure your applications have fast, accurate, up-to-date information in this new world? Modern applications are data-intensive; delivering data the old way using monolithic databases isn't working. What's needed is a modern approach to data. One that scales-out as needed and delivers predictable high performance, but without sacrificing data consistency or integrity.

Introduction to VMware View 5

VMware View™ 5 simplifies IT management while increasing end user freedom by delivering desktop services from your cloud. Building upon VMware's leadership in desktop virtualization, VMware View 5 delivers a high-performance user experience while giving IT greater policy control.

View this webcast and find out how VMware View 5 can help you:
- Deliver the highest fidelity experience of desktop services across any device and any network
- Simplify and automate IT management, security and control of desktop services
- Reduce the costs associated with your desktop environment

The CIO's View: Time-to-Value Through Automation

IT professionals are being asked to deliver faster "time-to-value" than ever before. An IDG Research survey found that CIOs are eager to invest in technologies that will enable them to get new applications and services up quickly, achieving faster time-to-value.

5 Steps to Successful IT Consolidation

Learn how to reduce IT management overhead, ease revision control, guarantee data security, scale systems more quickly and reduce server and software costs.

Newsletter Sign-Up »

Receive the latest news test, reviews and trends on your favorite technology topics

Choose a newsletter