Monday, June 22, 2009

India's Satyam to announce new CEO, CFO - news

Indian fraud-tainted outsourcer Satyam Computer Services Ltd (SATY.BO), which be acquired by Mahindra & Mahindra (MAHM.BO) group, is expected to announce a new chief executive, the Economic Times reported on Tuesday.

Satyam, which would be rebranded as Mahindra Satyam, be once India's fourth-largest outsourcer. It shocked investors in January when it revealed it had overstated profits for years. [ID:nBOM394323]

C.P. Gurnani, president of international operations at group firm Tech Mahindra (TEML.BO), be expected to be appointed CEO of Satyam replacing A.S. Murty, the newspaper said.
Mahindra & Mahindra Managing Director Anand Mahindra is scheduled to address a news conference on the group's IT business at 3 p.m. (0930 GMT).

Subramaniam Durgashankar, who earlier headed the mergers and acquisition unit of Mahindra & Mahindra, the country's largest tractor also utility vehicle maker, is expected to take over as chief financial officer at Satyam, the Business Standard said.

The newspapers said Sanjay Kalra, president of strategic initiatives at Tech Mahindra, could be promoted to CEO.

A Satyam spokesman could not be immediately reached for comment.
Tech Mahindra, which be 31 percent-owned by Britain's BT Group (BT.L), emerged a winner in an auction in April for a controlling stake into Satyam. (Reporting by Ami Shah; Editing by Ranjit Gangadharan)