Sify Top Brass Including CEO Ramaraj On Their Way Out: Report

The Economic Times: This is big story. The top brass of India’s leading new media company Sify Ltd are said to be on their way out. According to the report, Sify’s managing director and CEO R Ramaraj and other top managers like Ajit Abraham, chief HR officer, and Rustom Irani, chief technology officer, are expected to quit soon. Ajay Nambiar, the head of consumer channels, had quit last week. The paper reports that some 20-25 top executives could be quitting the Nasdaq-listed Sify. The reason is apparently the “growing strife” with the new promoters of Sify, the US-based private equity firm Infinity Capital Ventures. Infinity Capital headed by Raju Vegesna had bought the entire shareholding of Satyam Computer Services and part stakes of Venture Tech and Softbank Asia Infrastructure Fund (SAIF) in November last year for almost $63 million.
The impending exit of the top management could be damaging at this point as Sify was showing some traction in their various businesses.
We would be on top of this story as it breaks.