i Develop Stocks Advisory: Satyam appoints A.S. Murty as chief executive officer

Thursday, February 5, 2009

Satyam appoints A.S. Murty as chief executive officer

The board of Satyam Computer Services has appointed A.S. Murty as chief executive officer, effective immediately.The board also announced the appointment of 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 confirmed receiving bank sanctions for a total sum of Rs. 600 crore (US$ 130 million approximately) 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. Satyam also reaffirmed that January 2009 salaries (globally) and the fortnightly salary in February 2009 (for its US based associates) have been met from its internal accruals.

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Thursday, February 5, 2009

Satyam appoints A.S. Murty as chief executive officer

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