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Monday, May 25, 2009

Top honchos quit Satyam BPO

Times Of India

Naresh Jhangiani, global head of HR at Satyam BPO, V Satyanandam, head of corporate services, have put in their papers. Even Kulwinder Singh, head of marketing (Asia Pacific), Satyam, and earlier with Satyam BPO as global head of marketing and communication, has resigned.

Interestingly, this comes soon after Fridays statement by Vineet Nayyar, CEO of Satyams new parent Tech Mahindra, that the company has an excess staff of 10,000. However, sources said that this has no connection with Nayyar's statement as the executives have put in their papers over a month ago. All the three executives have been with Satyam for over four years.

When contacted, Satyam's spokesperson M V Sridhar confirmed the development and clarified that the three executives were not asked to leave but were moving out on their own. "We have not asked anyone to leave till now," he said.

However, another official said that people correction is natural after business and revenue correction. Moreover, except for Jhangiani, the other two executives exit would not have a significant impact on the day-to-day operations of the company as their roles are not critical and are only supportive.

Established in 2002 as Nipuna, the company went in for a name change as Satyam BPO as part of a unified brand exercise in early 2008. Almost 90 per cent of its customers are Satyam customers with a strong focus on the banking, financial services and insurance verticals and also in manufacturing. The company has about 2,400 employees and posted revenues of $ 68.2 million last year and three delivery centres in Hyderabad, Bangalore and Chennai. In spite of the Satyam fiasco in the last six months, the company, which is in the top three in the Indian BPO space has reportedly not lost any major clients. Its a vibrant and viable business and is doing well, asserted Sridhar.

Interestingly, all the executives are headed to the same destination: the Bangalore-based Taurus Group with estimated revenues of over $ 1 billion. The group has diversified interests in infrastructure services for mining, ports, construction, food and beverages and consulting. According to sources, a new holding company Taurus United has been set up to oversee the operations and drive growth of the various group companies. The entity is being headed by none other than Venkatesh Roddam, former CEO of Satyam BPO, who quit in September 2008. He has already been joined by another the former CFO of Satyam BPO, M Satyanarayana.



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