Satyam Computer Services Ltd has kicked off an exercise to find a new name with the present name posing serious brand problems,officials said. Some key clients of Satyam,especially with international operations,are learnt to have strongly advised the company to opt for a name and logo change.
The coming of a new CEO and CFO will hasten the process of selecting a new identity for the IT company,the officials said. According to them,Venkatesh Roddam,former CEO of Satyam’s BPO subsidiary Nipuna,has emerged as the front runner for the top post. He has been in Satyam for three years. Even Corporate Affairs Minister Prem Chand Gupta had suggested that someone familiar with the affairs in Satyam be appointed to the top post since an outsider would take some time to take stock of a new business and blend in the culture.
A makeover of the company will also need additional funding. The other issues will be the changes that would need to be made in the listing of the company in the stock exchanges in India and abroad. Advertisement industry experts said the change would be useful. “The company should immediately look for an image makeover,” said a leading Mumbai-based brand consultant. According to Madison World chairman Sam Balsara,the need of the hour is communication with customers,investors,employees and media. “The corner stone of this communication must be complete disclosure and transparency. There should be a combination of print advertising and use of competent PR strategy,” he explained.
A survey carried out at the World Economic Forum at Davos in 2004 found that corporate brand reputation outranks financial performance as most important measure of success. The “Voice of the Leaders Survey”,released by the World Economic Forum and Fleishman-Hillard International Communications,quoted John Graham,Fleishman-Hillard’s chairman and CEO,as saying,”The reputation of a company and its products used to be regarded as an intangible asset that was very hard to quantify Now it is clear that reputation is a vital component of a companys value and it is becoming a key measure of a companys performance.”