Satyam's Top Leaders Announce Action Plan Focusing on Business Continuity, Corporate Transparency and Leadership Transition for
January 08 2009 - 8:20AM
PR Newswire (US)
- Active outreach to global clients even as customers affirm
support and confidence HYDERABAD, India, Jan. 8
/PRNewswire-FirstCall/ -- The top leaders of Satyam Computer
Services Limited (NYSE:SAY) have launched an immediate action plan
to ensure business continuity and leadership transition even as it
initiates efforts to ascertain its liquidity position and verify
allegations by its founder and chairman Mr. Ramalinga Raju of
financial irregularities. Satyam's leaders announced at a press
conference at the IT services company's headquarters in Hyderabad
that the Company has started to actively reach out to customers
globally and has been heartened to receive strong expressions of
confidence and support from customers. At the same time, the
leaders of Satyam steering the organization through the crisis, and
approximately 40 top managers representing the Leadership Council
from various geographical regions have pledged their commitment to
remain in the company. The leadership team is headed by interim CEO
Mr. Ram Mynampati. At a press conference chaired by Mr. Mynampati,
the company announced several immediate actions already carried out
or being undertaken by the leaders. -- Formulation of a Task Force
to address all ongoing operational issues to ensure business
continuity, including maintaining customer confidence. -- An
immediate customer outreach by all geographical regions to assure
clients that Satyam will meet all its business commitments. "Many
clients rely on Satyam for mission-critical functions and
collaborate closely with our team. While we have to address various
customer concerns, we have been heartened by expressions of
confidence and support from various clients," said Mr. Mynampati.
Satyam's top 100 customers account for 85% of total revenue and
have had relationships with the company ranging from four to ten
years. -- Assurances to the approximately 53,000 associates from
leaders and line managers that the company places top priority in
protecting the careers and livelihood of employees and their
families. "We share the pain and grief being felt by all associates
and their families and will do our utmost to ensure that salaries
can be paid," Mr. Mynmapati said. "We are extremely touched by the
outpouring of support from associates." -- Begun a process to
ascertain Satyam's financial liquidity position and verify
allegations by the Chairman. An independent audit is being
contemplated. -- As part of efforts to strengthen corporate
governance, leaders have accorded top priority to addressing
various legal issues which are expected to unfold; and have written
to the regulatory authorities and various industry associations for
assistance to identify candidates to be new members of Satyam's
board. The immediate action plans announced were collectively
decided based on an initial assessment of the key challenges faced.
These actions will be reviewed by the leadership team on a daily
basis for the next few months. "The leadership team comprises
highly experienced veterans with cross-functional responsibilities
across geographical regions. They have also been mandated with
additional tasks of great urgency including collection of accounts
receivable, cost containment as well as customer and associate
retention," said Mr. Mynampati. "At the onset we wish to stress
that the leaders have offered themselves to steer the organization
through the current crisis. About Satyam Satyam (NYSE:SAY), a
leading global business and information technology services
company, delivers consulting, systems integration, and outsourcing
solutions to clients in 20* industries and more than 65* countries.
Satyam leverages deep industry and functional expertise, leading
technology practices, and an advanced, global delivery model to
help clients transform their highest-value business processes and
improve their business performance. The company's 52,865*
professionals excel in engineering and product development, supply
chain management, client relationship management, business process
quality, business intelligence, enterprise integration, and
infrastructure management, among other key capabilities. Satyam
development and delivery centers in the US, Canada, Brazil, the UK,
Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and
Australia serve 690* clients, including 185* Fortune 500. For more
information, see http://www.satyam.com/. *As of September 30, 2008
Satyam Contacts: For clarifications, write to us at Or contact our
global Satyam PR representatives at: India Deepa Jayaraman
+91-981-980-8681 US Melissa Baratta +1-212-679-3300 ext. 118 Europe
Sandeep Thawani +44-783-010-3838 Asia-Pacific Dan Bleakman
+61-439-408-484 Reshma Wad Jain +65-98-140-507 Safe Harbor This
press release contains forward-looking statements within the
meaning of section 27A of Securities Act of 1933, as amended, and
section 21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements contained herein are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Satyam undertakes no duty to update any forward-looking statements.
For a discussion of the risks associated with our business, please
see the discussions under the heading "Risk Factors" in our report
on Form 6-K concerning the quarter ended September 30, 2008,
furnished to the Securities and Exchange Commission on November 7,
2008, and the other reports filed with the Securities and Exchange
Commission from time to time. These filings are available at
http://www.sec.gov/. DATASOURCE: Satyam Computer Services Limited
CONTACT: India, Deepa Jayaraman, +91-981-980-8681, ; US, Melissa
Baratta, +1-212-679-3300 ext. 118, ; Europe, Sandeep Thawani,
+44-783-010-3838, ; or Asia-Pacific, Dan Bleakman, +61-439-408-484,
, or Reshma Wad Jain, +65-98-140-507, , all for Satyam Computer
Services Limited Web Site: http://www.satyam.com/
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