Feb 06, 2009, 10.46 AM IST | Source: CNBC-TV18

AS Murty appointed as Satyam CEO

The Satyam board appointed AS Murty, the Global Business Head of Satyam as the new Chief Executive Officer (CEO) of the beleagured company with immediate effect. The board, which met for the fifth time in less than a month, also named Homi Khusrokhan and Partho Datta as special advisors.

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The Satyam board appointed AS Murty, the Global Business Head of Satyam, as the new Chief Executive Officer (CEO) of the beleaguered company with immediate effect. The board, which met for the fifth time in less than a month, also named Homi Khusrokhan and  Partho Datta as special advisors to the board.

Referring to another significant development, the board today confirmed receiving bank sanctions for a total sum of Rs. 600 Crores 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 Feb 2009 (for its US based associates) have been met from its internal accruals.

These decisions are aimed at quickly stabilizing Satyam. The organization has visibly increased its focus on business continuity for its customers and confidence building amongst its associates (employees) and vendors.

Reacting to the appointment, HDFC chairman and Member of the Board Deepak Parekh said: Mr. Murty (ASM) is a Satyam veteran of 15 years, who has been in its forefront since Jan 1994. He brings to play a deep understanding of the organization, proven expertise in leading a Business Unit, overseeing Global Delivery, nurturing Customer relationships and spearheading the entire gamut of the Human Resources function. He is well respected for his ability to effectively integrate the team and enable a collective decision making - which will be critical as Satyam moves into its revival phase.

In our interactions over the past few weeks, we are convinced that Satyam needs an internal leader to steer it at this critical juncture and ASM has the required bandwidth and support, added Mr. Parekh.

AS Murty's profile:

AS Murty, the new Satyam CEO, is an Electrical Engineering Graduate from the National Institute of Technology, Warangal and a Computer Science Post Graduate from the Indian Institute of Science, Bangalore. He has been with the company for over 12 years. Soon after his completing his Master Degree in 1981, AS Murthy, fondly called ASM, joined TCS to handle many key roles there.

Murthy joined Satyam in 1994 as the Head of Delivery and was heading the largest business unit, before taking over the HR responsibility in 1999. As Head of Leadership Development Group at Satyam, Murty was responsible for developing strategies and programmes to enhance associate delight. Murthy is also a member of the steering council, an apex body at Satyam.

 

On his last position of Chief Information Security Officer, AS Murthy managed all aspects of information security. He is also the Chairman of the Business Continuity and Information Security Management forum at Satyam.

 

Now, after more than 12 years at Satyam, he has an enormous task of bringing the beleaguered company back on track.

Murty has seen Satyam grow from less than 100 associates to more than 50,000 associates. Currently, he is responsible for Delivery Excellence (in his capacity as Chief Delivery Officer) and also Leadership Development. As part of Leadership Development, ASM integrates Satyam's Real Time Leadership Center and Satyam Learning World. He is also responsible for the optimal utilization of Human Resources.

Prior to this, he played several key roles (like Head - Human Resources, Head Insurance vertical etc). AS Murthy reviews all Asset Businesses (Support processes and Service Offerings) at Satyam. His mission is to enable ordinary people perform extraordinary tasks through right orientation, process-centric approaches and continual learning.

Homi R Khusrokhan's profile:

Homi R Khusrokhan has rich experience in leading very large companies, across various industries. He retired as Managing Director, Tata Chemicals in December 2008 and prior to that was the Managing Director of Tata Tea. Before joining the Tata Group in 2001, Khusrokhan worked for Glaxo Laboratories (India) for 29 years, and held the role of Managing Director of both Glaxo and Wellcome (India). He has been the President of the Organization of Pharmaceutical Producers of India and Vice President of the Bombay Chamber of Commerce and Industry. He continues on the Boards of several Tata Companies in a non-executive capacity.

 

Partho S. Datta's profile:

 

Partho S. Datta is a Chartered Accountant, with over 33 years of corporate experience. His work experience started with Dunlop India Limited. Later he joined Indian Aluminium Company Limited (Indal) where he worked in various functions including in the parent company of Indal in Canada, before becoming the Director and Chief Financial Officer of Indal. In 1998, he joined the Murugappa Group of Chennai as Group Director Finance and a member of the Group Supervisory Board. The Group won the prestigious World Family Business award during his tenure and also saw significant advances in corporate governance and professionalization of an Indian business house promoted group. He has been involved with industry associations at both national and regional levels and has been involved with several companies as a non-executive director.

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Mahindra Satyam stock price

On July 03, -, Mahindra Satyam closed at Rs 115.30, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs and the 52-week low was Rs .


The company's trailing 12-month (TTM) EPS was at Rs 7.66 per share as per the quarter ended March 2013. The stock's price-to-earnings (P/E) ratio was 15.05. The latest book value of the company is Rs 28.15 per share. At current value, the price-to-book value of the company is 4.10.

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