A tough task ahead-Murthy

AS Murty , the new chief executive officer of Satyam Computer Services, has a tough task ahead to steer the tainted software firm, which is looking for potential suitors. In an interview to ET , he said the government-appointed board and executive team are evaluating all offers from prospective buyers, but in no hurry to finalise them. He said the re-statement of accounts was a complex task and will take some time.

What are your immediate priorities?

My immediate or short-term priority as the CEO, would be to initiate and continue measures that will instill confidence in all of our stakeholder, customers, associates, alliance partners, vendors, and to ensure business continuity. The newly-constituted board has done an extraordinary job with these efforts in the past month and they continue to be a critical focus for Satyam.

Other priorities are to address key customer concerns and focus on delivery, reinforce associate confidence and introduce key retention measures, assess the company’s financial position and take measures to ensure business continuity and evaluate cost-rationalisation alternatives. Apart from these, we will continue to focus on evaluating long-term strategic options, assessing and managing legal liabilities and resume investments in identified areas.

How long will it take to restate Satyam’s accounts?

Keeping in mind that the company must restate accounts for the past several years, we predict that the effort will take quite some time. Painstaking work on this programme is under way to ensure that it happens quickly, and as accurately as possible. The teams charged with restating accounts will be assisted by special advisors, notably Partho S Datta, the former finance director of the Murugappa Group. These teams bring considerable company experience and an external perspective to their duties. With these appointments, Satyam now has a roster of world-class talent at the helm of the company that is quite unlike any other in its industry.

Are you in favour of a sale of Satyam?

Our board and executive team have a fiduciary responsibility to consider all serious offers. As indicated earlier, all options are being kept open. Satyam has a very promising future, whether or not it remains an independent entity. The company has a world-class roster of clients; it enjoys remarkably strong relationships with its customers and suppliers; it has deep business, industry, process and technology competencies; its staff is among the most professional and dedicated in industry; and its board represents some of the best management talent available.

Who are the bidders who have expressed interest in buying the company? Is there a timeline in mind for a change in management control?

Satyam has been contacted by several organisations that are interested in the company. And, the board and executive team have a fiduciary responsibility to consider all serious offers. Given its exceptional capabilities and world-class associates, Satyam has been approached by representatives from numerous entities expressing interest in associating with the company in various ways. At this stage, we cannot share any names. We will evaluate them all, but are under no duress to act on them immediately.