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Accountancy Age – Content Calendar

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    Satyam replaces troubled chief executive

    Satyam replaces troubled chief executive

    Insider promoted to top job

    Author Date published February 6, 2009 Categories

    Embattled Indian IT giant Satyam has appointed a crony of its former chief
    executive B Ramalinga Raju – who has admitted an accounting fraud worth an
    estimated $1bn (£700m) – to run the company.

    A.S. Murty has been promoted to the top job from the post of chief delivery
    officer. Investors are likely to be disappointed by the move to install an
    insider as head of the company.

    Murty will have a tough job on his hands. Satyam’s shares have slip more than
    70% since mid-December. It’s possible he will decide to sell the ailing
    company. Minor shareholder Larsen & Toubro is a likely suitor, after
    trebling its stake in Satyam to 12%.

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