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.
Karnik is the former president of the technology lobby group National Association of Software and Service Companies (Nasscom). He is one of six members of the new Satyam board, constituted by the government in the wake of the massive accounting fraud at the company.
The government-appointed board superseded the company's board in January after a financial scandal at the company.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.
On Thursday, Satyam announced it had raised US$130 million in bank loans that would help it tide over a working capital crisis.
Satyam has been battling for survival after founder and former chairman Ramalinga Raju disclosed last month profits had been overstated for years. Raju is in jail pending trial.Related articles: