Mumbai, Jun 24: Tech Mahindra has named CP Gurnani as Mahindra Satyam's new Chief Executive Officer (CEO). Gurnani who was the international operations president at Tech Mahindra succeeds AS Murthy, who was appointed by the government board after the Satyam fraud broke out.
The company revealed that it will be raising funds through private placement, or the qualified institutional placement (QIP) route. This is in an effort to repay loans it had taken in Apr 2009 to acquire a majority stake in Satyam Computers for Rs 2,889 crore.
Along with appointing the CEO Tech Mahindra announced the leadership roles for itself and Mahindra Satyam. Tech Mahindra"s strategic initiatives president, Sanjay Kalra, has been promoted as its new CEO. The current CEO, Vineet Nayyar has been promoted to executive vice chairman of both Tech Mahindra and Mahindra Satyam.