Mumbai, June 23: Tech Mahindra on Tuesday appointed C P
Gurnani CEO of Mahindra Satyam and S Durgashankar the new
chief financial officer with immediate effect.
Gurnani succeeds A S Murthy who was appointed by the
government board after the multi-crore rupee scam broke out in
the then Satyam Computer Services. Gurnani has been heading
the global operations of Tech Mahindra.
The new CFO Durgashankar was earlier senior vice-
president (M&A) for Mahindra Group. The post of CFO in
Mahindra has been lying vacant since former Satyam CFO
Vadlamani Srinivas was arrested for his alleged role in the
financial fraud in Satyam.
Announcing the new appointments here, Mahindra Satyam
Executive Vice-Chairman Vineet Nayyar said Satyam has been a
leader in the telecom technology space but there is still a
huge growth potential. Gurnani will be responsible for
exploring the telecom technology space, Nayyar added.
Meanwhile, Tech Mahindra strategic initiatives head
Sanjay Kalra has been promoted as the new CEO of the company.
Tech Mahindra had acquired 31 per cent in Satyam
through an open auction for over Rs 1,700 crore. It has also
come up with an open offer for additional 20 per cent. Last
Sunday, Tech Mahindra rebranded Satyam as Mahindra Satyam.
In other top level appointments, Nayyar has been made
the Executive Vice-Chairman of both the companies, while Tech
Mahindra strategic initiatives head Sanjay Kalra has been
promoted as the new CEO of the company.
The new Mahindra Satyam chief executive Gurnani was the
head of Tech Mahindra`s Global Operations, Sales and Marketing
functions. Durgashankar was earlier senior vice-president
(M&A) for Mahindra Group.
The new brass of Mahindra Satyam faces the challenge of
cutting cost and arranging working capital for the company,
said Gartner`s Principal Research Analyst Diptarup
Chakraborti, and added that the move is going to send strong
positive signals to markets.
Earlier in the day, Tech Mahindra said it plans to
raise funds by selling 1.36 crore shares to institutional
investors.
"We will use it to retire some of the debt," he said.
Tech Mahindra had acquired 31 per cent in Satyam
through an open auction for over Rs 1,700 crore. It has also
come up with an open offer for an additional 20 per cent.
Last Sunday, Tech Mahindra rebranded Satyam as
Mahindra Satyam.
Bureau Report
