Homi Khusrokhan, former MD of Tata Chemicals Ltd., may be appointed as the next CEO of the troubled Satyam Computer Services. Corporate Affairs Minister Premchand Gupta told CNBC India that they have found a new head for Satyam to run its day today operations. He did not name the new head, however, hinted that the new CEO had once headed an Indian multinational. Khusrokhan was managing director of Tata Chemicals and MD of Tata Tea between 2001 and 2004.
Gupta said the Satyam honcho would not be called a “CEO” because of “some legal reasons”.
The government-nominated board had taken over Satyam after its former chairman B Ramalinga Raju confessed about financial irregularities in the company. The six-member board – which included Deepak Parekh, Tarun Das, Kiran Karnik and others – had met several times in the last two weeks in order to find a new CEO and CFO for the company, besides raising capital to fund the working capital.
Prior to joining the Tata Group, Khusrokhan worked for Glaxo Laboratories for 29 years, rising to become managing director of Burroughs Wellcome in 1995 and MD of both Glaxo and Wellcome (India) in 1996, a position he held till he retired in 2000.
Khusrokhan obtained his BCom (Hons) from the Sydenham College of Commerce and Economics at the University of Bombay, and qualified as a chartered accountant. He served his articles with A F Ferguson & Co in Bombay.
About two weeks back, Vivek Paul, former Partner, TPG was reported to be the frontrunner for the CEO’s post in Satyam.