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Satyam looking to trim senior management

Satyam looking to trim senior management
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First Published: Tue, Feb 17 2009. 01 09 PM IST
Updated: Tue, Feb 17 2009. 01 09 PM IST
Mumbai: Fraud-hit Satyam Computer Services is looking to trim the number of its senior managers, a company spokeswoman said on Tuesday, as the cash-starved outsourcer plans to find a suitor.
“Two managers have gone. We do not have a number but it is likely more will go,” Archana Muthappa, head of media relations in India said over telephone. “It is part of a rationalisation of the organisation structure.”
She declined to put a time frame for the process but said the government appointed board was discussing it.
Also Read The Satyam Fiasco (Full Coverage)
The two officials who have quit are Subu D Subramanian, global head of manufacturing and automotives division and Anil Kumar, a senior vice-president at Satyam’s financial services division, she said.
Satyam, India’s fourth-largest outsourcer, is battling for survival since 7 January when its founder Ramalinga Raju quit as chairman revealing profits have been falsified for years and $1 billion of cash and bank balances did not exist in the country’s biggest corporate scandal.
The government dissolved Satyam’s board and appointed six directors to save Satyam and its 50,000 employees. The new board has appointed Goldman Sachs and Avendus, an Indian investment bank, to help find potential investors.
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First Published: Tue, Feb 17 2009. 01 09 PM IST