Satyam’s Top Leaders Commit To Stay Despite Disclosures By Founder on Financial Irregularities
HYDERABAD, India, January 8, 2009:Satyam Computer Services Limited (NYSE: SAY) said today its top leaders have pledged to remain in the company and work jointly to steer the organization following shocking disclosures by its founder and chairman Mr. Ramalinga Raju of financial irregularities.
Ten of the most senior executives of Satyam, including interim CEO Mr. Ram Mynampati, gathered at its headquarters in Hyderabad, have collectively committed not to resign from the company which has approximately 53,000 associates. Approximately 40 other top managers from various geographical regions – known as the “Leadership Council” – have also given their commitment to remain in the company.
“The pledges of commitment from these leaders, coming hours after disclosures and the resignation of Mr. Raju, underscore the unity and determination of the Satyam leadership to steer the company through this crisis,” the eight leaders said in a joint statement.
The company will hold a press conference at 5 pm IST in Hyderabad to outline an action plan to address key concerns of various stakeholders including customers, investors, employees and business partners.
“Satyam is facing a major crisis in which the unity and clear strategic direction of its top leadership are of paramount importance. This collective commitment will serve to significantly assuage concerns of various stakeholders in a highly fluid and challenging situation,” the leaders added.
The ten top managers in the leadership team are:
Mr. Ram Mynampati, interim CEO
Mr. Subu D. Subramanian, Head, Manufacturing & Automotive
Mr. T.R. Anand, Head of Telecommunications, Infrastructure, Media & Entertainment and Semiconductors
Mr. Keshab Panda, Head, Europe, Energy & Utilities
Mr. Virender Aggarwal, Head of Asia Pacific, India, Middle East, Africa
Mr. Manish Mehta, Head, SAP & Testing Practices
Mr. A.S. Murthy, Head, Global Delivery and Global Leadership Development
Mr. Murali Venkataramani, Head, Commercial
Mr. Hari Thalapalli, Head of Marketing
Mr. S.V. Krishnan, Head of Human Resources
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on 07 November, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov.
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