Satyam gets new CEO and funding

Satyam Computer Services today announced the appointment of A S Murthy as CEO. The company also announced that it had received bank sanction for Rs600 crore to meet its working capital requirements.

Member of the board, Deepak Parekh said in a statement, "A S Murthy has been appointed as Satyam's chief executive officer with immediate effect."

Murthy is a Satyam veteran. He has been in the trade for 15 years and brings with him a deep understanding of the organisation coupled with proven track record of leading a business unit.

Acording to analysts the funding it has received along with the healthy collections would go a long way in helping Satyam tide over the present financial challenges.

The board also announced the appointments of Homi Khusrokhan and Partho Datta to the board. Khusrokhan and Datta join the board as special advisors to assist in management and finance areas respectively.

The special advisors, in association with the Boston Consulting Group, will work pro bono and assist the CEO and the board in defining and executing priorities.