Satyam Computer Services on Wednesday accepted the resignation of its Founder Chairman B Ramalinga Raju who has quit accepting financial irregularities and appointed Ram Mynampati as interim CEO, who said shareholders and employees are top priority now.
Mynampati has been mandated by the Board to steer the company through this crisis, said a company statement.
"We are obviously shocked by the contents of the letter sent by Raju to the company. The senior leaders of Satyam stand united in their commitment to customers, associates, suppliers and all shareholders. We have gathered together at Hyderabad to strategise the way forward in light of this startling revelation," said Ram Mynampati, Interim CEO, whose appointment has to be ratified by the Board.
Earlier Satyam said it has received on Wednesday a letter from its Chairman and Founder B Ramalinga Raju. Mynampati was earlier a member of the Board.
"This letter, January 7, 2009, has been circulated to all existing members of the board, several senior leaders and copied to the Chairman of Securities and Exchange Board of India (SEBI) and the stock exchanges where Satyam is listed," the company said in a statement.
Its immediate priorities are to protect the interests of its shareholders, protect the careers and security of its approximately 53,000 associates, and meet all its commitments to its customers and suppliers, it added.
"We recognise that our associates have committed a significant part of their careers to build Satyam. We will pursue all avenues to secure their future in the company," added Mynampati.
Satyam believes that its underlying business model, customer assets and growth prospects remained sound, even in the current challenging financial environment, he said.
The company's leadership is confident that it will be able to overcome this latest development and continue to provide excellent service to clients, while delivering value to shareholders in the medium to long term.
Satyam is committed to uphold the highest levels of corporate transparency and will cooperate with the relevant regulatory authorities to conduct detailed investigations into this matter. Satyam will keep stakeholders informed of the developments on a regular basis, the new interim CEO added.
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