Satyam replaces troubled chief executive
Insider promoted to top job
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%.