Satyam Makes Another Big Mistake – Names Insider Ram Mynampati Interim CEO

Satyam board member Ram Mynampati has been named interim CEO of the fraudulent IT services provider following the resignation of its Chairman B.Ramalinga Raju and Managing Director B.Rama Raju.

Big Mistake
We think appointment of Ram Mynampati is a BIG mistake. He is too closely associated with the old guard, having been with the company since 1999.

Ram Mynampati is also the preferred choice of B.Ramalinga Raju, architect of the fraud that has brought Satyam to its knees.

Accepting the recommendation of a confessed crook like Ramalinga Raju and naming Ram Mynampati interim CEO is unacceptable and beyond nonsense.

Ram Mynampati – An Old Satyam Hand
According to Ram Mynampati’s bio on Satyam’s web site, he joined the company as executive VP in 1999 and became executive VP and COO in November 2000. He has been president, Satyam’s commercial and healthcare businesses since October 2002. Ram has executive responsibility for Satyam’s operations across the verticals of Financial Services, Healthcare, Retail & Transportation and Government and oversees Satyam’s long standing strategic relationships with GE, its largest client and Microsoft.

A Dodo
If Ram Mynampati was not aware of the accounting shenanigans at Satyam despite serving in the top echelons of the company for nine years, all we can say is that the fella’s a dodo. He should have been kicked out not rewarded with the position of interim CEO.

This is what the dodo had to say today:

We are obviously shocked by the contents of the letter….We have gathered together at Hyderabad to strategize the way forward in light of this startling revelation.

What was Ram Mynapati doing for the last nine years – Sleeping?

Outsider Needed
Given the current crisis, Satyam’s board should have brought in an outsider as interim CEO to restore at least some confidence in the company.

Satyam has compounded its problems with another mistake.

By naming Ram Mynampati interim CEO, Satyam’s incompetent board has shown its disdainful contempt for investors, employees and clients.

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