Mahindra’s men take charge @Satyam
Anand Mahindra’s chosen men moved into the steering slots at the fraud-mauled Satyam Computer Services, taking the next step after renaming the company acquired by Mahindra & Mahindra as Mahindra Satyam. HT Correspondent reports.business Updated: Jun 23, 2009 23:48 IST
First they got the car. Now, they are changing the drivers.
Anand Mahindra’s chosen men moved into the steering slots at the fraud-mauled Satyam Computer Services on Tuesday, taking the next step after renaming the company acquired by Mahindra & Mahindra as Mahindra Satyam.
CP Gurnani, earlier president, international operations, at Tech Mahindra, has been named the new CEO of Mahindra Satyam, M&M’s vice-chairman Anand Mahindra announced.
To ensure a smooth merger between Tech Mahindra and Mahindra Satyam, the company’s advocates have also appointed a private investigator to fathom the extent of the fraud before preparing the financials for the merger, said S Durga Shankar, the newly-appointed Chief Financial Officer.
“Yes, the two companies will merge, and not just because there is a lot of synergies, but I cannot give a timeline to the process,” said Vineet Nayyar, former Tech Mahindra CEO who is now executive vice-chairman of the two IT companies.
Durga Shankar said the merger could take place in under four years, and the new management was still probing details of the scandal. “The enterprise value of the company is between $ 1.1 and 1.3 billion,” Nayyar told Hindustan Times.
Sanjay Kalra, president, strategic initiatives at Tech Mahindra would take over as the new CEO of Tech Mahindra.
Interim chief executive of Satyam AS Murty may remain: Gurnani said the new management is sounding him out. Kiran Karnik, the chairman on the interim board, is expected to continue.