By Devidutta Tripathy
NEW DELHI (Reuters) - Satyam Computer Services is close to finalising a new head to help the government-appointed board put the fraud-hit outsourcing firm back on track, a minister said on Wednesday.
Corporate Affairs Minister P.C. Gupta said the new head of Satyam would would not be called a chief executive, but declined to name the identified candidate.
"This gentleman has a vast experience of running large multinational and national companies in India," he told television news channel CNBC TV18.
CNBC TV18, citing sources, later said that Homi R. Khusrokhan, a former managing director of Tata Chemicals, was the frontrunner to head Satyam.
The new head would need to work closely with the board, lift employee morale and stop key customers from joining State Farm Mutual Automobile Insurance Co. in cancelling contracts.
Satyam's new board, which last week said it had narrowed the shortlist for CEO and chief financial officer to three, has said it would outline the proposed management structure this week.
Satyam, India's No. 4 software exporter, has been battling for survival since founder Ramalinga Raju resigned as chairman earlier this month, saying profits had been falsified for years and $1 billion of cash on the books did not exist.
Since then the government has stepped in and appointed a new board to try to resolve India's biggest corporate fraud.
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