Posted on June 23, 2009 at 1:01 PM
Filed under: Careers | Corporate Strategy | Information Technology | Middle market | Movers & Shakers | People
Tagged: C.P. Gurnani , Mahindra Satyam , Ramalinga Raju , S. Durgashankar

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On Sunday, Satyam Computer Services Ltd. was re-branded as Mahindra Satyam after Tech Mahindra Ltd. emerged as the highest bidder in a global auction for a controlling stake in the fraud-hit Indian IT outsourcer.

Earlier this year, Satyam chairman and founder Ramalinga Raju admitted that Satyam's balance sheet was inflated by more than $1 billion. The news killed its share price, but the firm has good technology and some high-profie clients, which attracted bidders such as as India's Spice Group Inc.; Larsen & Toubro, the nation's biggest engineering company; Hinduja Global Solutions; and BK Modi.

As the firm tries to regain its industry standing, new executives are leading the charge. Among them is new CEO C.P. Gurnani (pictured), who said in a statement that the re-branded company has four immediate priorities: to "strengthen corporate governance, enhance customer delight, regain market share and build the brand." Gurnani is head of Tech Mahindra's global operations. Before Tech Mahindra, he was COO and a co-founder of Perot Systems (India) Ltd.

Other appointments include Vineet Nayyar, who became executive vice chairman of Mahindra Satyam's board, and S. Durgashankar, who was named CFO. Durgashankar is currently senior vice president of mergers and acquisitions at Mahindra & Mahindra Ltd.

Tech Mahindra, which is jointly owned by Mahindra & Mahindra and British Telecommunications plc, paid about $580 million for a 51% stake in Satyam. - Baz Hiralal

Go to the Bloomberg story
See the Mahindra Satyam announcement


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