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Satyam: Board gets 50 applications for CEO's post

February 03, 2009 19:05 IST

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About 50 applications have been received for the post of chief executive officer of Satyam Computer Services [Get Quote], a high-level source said on Tuesday.

"The Satyam board has received about 50 applications for the post of CEO. However, it has not identified anyone as suitable so far," the source said.

The board has the power to appoint a professional even without a formal application if found apt for the job, the source told PTI.

The selection process may take sometime as the future course of the company is uncertain as yet in terms of whether it would be acquired by another company.

"If Satyam is acquired by another company, then that company would want to appoint its own CEO. If the board appoints a CEO now, his future could be uncertain and hence, the selection could take sometime," the source said.

Besides, it was doubtful if anyone would leave an existing job to chart an uncertain path, the source said. Given the current situation in Satyam, the new CEO will have a mammoth task on hand, including retaining existing clients and regaining the confidence of its retail and institutional investors.

"The new CEO should have an experience in heading large companies having operations internationally and to bring back investor confidence," the source added.

Satyam's two-day board in Hyderabad meeting beginning Wednesday will consider the applications received so far for the top job.

The Hyderabad-based IT giant plunged into a deep crisis after its former Chairman B Ramalinga Raju admitted to inflating the company's profit and understated its liabilities over a period of several years.

The source also said that the Satyam's board has received six-seven expressions of interest from prospective buyers. The Board is likely to consider these proposals on Wednesday, the source said.

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