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06 Feb 2009
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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Briefings
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