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Indian government appoints Satyam's chairman

Indian government appoints Satyam's chairman

Satyam gets chairman a day after the CEO is appointed.

The Indian government appointed Kiran Karnik as chairman of Indian outsourcer Satyam Computer Services on Friday, a day after the company's board appointed a CEO and special advisers to the company.

(Click here to see the full coverage of the Satyam scandal)

Karnik is the former president of the National Association of Software and Service Companies (Nasscom). He is one of six members of Satyam's new board.

The government-appointed board superseded the company's board in January after a financial scandal at the company. It has been operating without a formal chairman, with board members taking turns to chair board meetings.

The appointment of Karnik as chairman, and A.S. Murty, a senior Satyam executive, as CEO fills up key posts at the company. The board has in recent meetings veered around to the view that it will consider strategic investors in Satyam, after some companies showed interest in acquiring Satyam.

Last week, Satyam announced it had raised US$130 million in bank loans that would help it tide over a working capital crisis.


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