PracticeAuditSatyam replaces troubled chief executive

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%.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

4h Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

5d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

1w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter