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Satyam Names Auditors to Restate Results; Launches Search for New CEO, CFO

12:29 PM MST | January 14, 2009 | Esther D'Amico

The board of directors of IT consulting firm Satyam Computer Services (Hyderabad, India) has named Deloitte and KPMG as independent auditors to help restate the company’s financial reports and has launched a search for a new CEO and CFO. The announcement follows the resignation last week of Satyam founder and former CEO Rama Raju and former CFO Srinivas Vadlamani, amid Raju’s recent dislosures of accounting fraud that overstated results by nearly $1 billion. Ram Mynampati is Satyam’s interim CEO. Meanwhile, auditing firm Pricewaterhouse Coopers...

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