HYDERABAD: After the name change to Mahindra Satyam on Sunday, things are moving really fast and now its the turn of management change. Top level changes are in the offing at erstwhile Satyam.
According to sources, Tech Mahindra CEO and MD Vineet Nayyar is tipped to be the vice chairman of Mahindra Satyam. Sanjay Kalra, president (strategic initiatives) at Tech Mahindra is set to be elevated to the CEO’s post at the Pune-based IT firm.
C P Gurnani, international operations head Tech Mahindra, is likely to be named the new CEO of rechristened Satyam. He would replace A S Murty who was put in charge of the beleagured IT firm after the government appointed a new board to salvage Satyam.
The key post of CFO is likely to be taken over by Subramaniam Durgashankar, who was senior vice-president (M&A) in the Mahindra and Mahindra group, said sources privy to the development. A formal announcement will be made by Anand Mahindra, vice-chairman, Mahindra and Mahindra group, in all probability on Tuesday.
Interestingly, Tech Mahindra, which now has a 31% stake in Satyam, has been keen on appointing professionals from within the M&M group to put Satyam back on track and help erase its tainted image.
Moreover, government nominees on the Satyam board, including its chairman Kiran Karnik are expected to step down soon. It may be recalled that minister for corporate affairs Salman Kursheed said a few days that the government appointed board has done its job and its time they moved on and the decision rests with the Satyam board. However, Deepak Parekh, chairman HDFC and member on the Satyam board is likely to continue. The chairman’s slot is set to fall vacant after Kiran Karnik’s exit.
Further, the CFO’s appointment is crucial as Satyam’s accounts are being re-stated by two auditors, KPMG and Deloitte.
Satyam plunged into a crisis after its defamed founder B Ramalinga Raju admitted to fudging the books. His erstwhile CFO Srinivas Vadlamani was also charged of conniving with Raju and was also taken to judicial custody. Shares of Satyam slid by 0.84% to touch Rs 77.05 on the BSE on Monday.