Murthy stirs emotion of Satyam employees

HYDERABAD, INDIA: A.S.Murthy, who has been appointed as the new CEO of fraud-hit Satyam Computer Services, said that he would work hard to restore the troubled IT firm to its former glory.

In his maiden maiden webcast to the employees, the new CEO said he would work with the board and special advisers to design a plan that will address stakeholders' interests within 30, 60 or 90 days.

“I have been with Satyam for over fifteen years now and have been handling the responsibilities global delivery on leadership development. Today I stand before you with all humility, humbled by the onerous task that lies in front of us, but determined to reinstate Satyam to the rightful place in the industry,” he said stirring up the emotion of the employees.

“I am very pleased to begin working with you and for you to guide this company through a rapid healing stage and then on to the path of resumption of profitable growth and value creation,” he said. Murthy added that more than 90 per cent clients indicate support for Satyam.

He said that his priorities as the CEO would include determining Satyam's financial position and restating the third quarter results.

The share value and credibility of Satyam had nosedived ever since the revelation of its founder, Ramalinga Raju, who is now in jail pending trial, that he had cooked up the assets of the company. Murthy also said that salary to the staff is among the top priorities.

"Infusion of the funds comes at a right time and is likely to help Satyam tide over the present financial crisis. The company reiterated that the salaries for January and the fortnightly salary for February have been met from its internal accruals," Murthy said.

Satyam had announced on Thursday that it has secured bank loans of Rs 600 crore.

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