Showing posts with label axe. Show all posts
Showing posts with label axe. Show all posts

Thursday, April 23, 2009

satyam 2 axe jobs..tech mahindra

Tech Mahindra, the new owner of scandal hit Satyam Computer Services, is set to axe jobs at the beleagured IT firm to make it a viable business entity.

“Adjustments will be made within a month to trim costs”, A S Murty, Satyam’s chief executive officeris understood to have told his employees on Monday, shortly after Anand Mahindra, VC & MD, Mahindra Group & Chairman, Tech Mahindra addressed over 20,500 employees in the firm.

Satyam has a work force of 48,000 of which 80% are off shore employees and the remaining 20% are on-site workers. The immediate casualties could be workforce on the bench, besides employees doing support functions. An estimated 12,000 employees are on the bench. Key customer facing employees will, however, be retained, said a person privy to the transition plan.

Anand Mahindra also did some plain speaking, though he made no reference to lay-offs, said an employee present at his maiden address at Satyam’s corporate headquarters in Hyderabad.

"We will take a decision on whether or not to re-brand Satyam in a few weeks. Tech Mahindra will also look at a merger of the beleagured IT firm few years down the line, Anand Mahindra is understood to have said. An immediate merger is ruled out as per the terms and conditions of the sale agreement.

Satyam will have a new chief financial officer. “The CFO would be a person with financial excellence and leadership”, said Anand Mahindra. The CFO’s post fell vacant after Srinivas Vadlamni, the earlier CFO who was charged with conniving with the firms disgraced founder B Ramalinga Raju in the fraud, quit.

The Pune based IT services company Tech Mahindra has agreed to pay Rs 58 per share to take management control over Satyam.