New board shortlists three for Satyam’s top posts

HYDERABAD - The government-appointed directors of the beleaguered Satyam Computer Services Friday announced that they have shortlisted three candidates for the posts of chief executive and chief financial officer, and that the names of those selected will be announced next week.

‘The selected person will be uniquely qualified to lead the company during this period of transition and will be a leader of global standing and recognition,’ the directors said in a statement issued to the Bombay Stock Exchange at the end of their two-day meeting here.

Titled ‘Satyam board announces decisive action on key issues,’ the communication, up on the BSE website, also said ‘additional funding arrangements are in the final stages of being concluded’.

‘This is expected to be formally announced before Wednesday, Jan 28, and will address the company’s operational needs till the end of March 2009,’ the communique said, quoting board member Deepak Parekh, also chairman of Housing Development and Finance Corp (HDFC).

The two-day meeting, third in 13 days since the government appointed new directors, was chaired by Tarun Das, mentor of the Confederation of Indian Industry (CII).

On the appointment of a new CEO, the communiqué said: ‘This is a crucial decision for the company and its stakeholders.’

‘We fully recognise the urgency and importance to have the right person with the right experience and abilities to successfully steer the company thorough these turbulent times,’ it added.