Ending weeks of search, suspense and speculation, A S Murty, a Satyam veteran of 15 years was named the new CEO of the beleagured company on Thursday. Homi Khusrokhan, former MD of Tata Chemicals and Partho Datta, former CFO of Murugappa Group, who were tipped to be the CEO and CFO respectively were simultaneously appointed as special advisors to the board to strengthen management and financial areas. This obviously means that they will not be members of the board.

Murty, who spent most part of his tenure in Satyam in the human resources function, is known to have been extremely close to Ramalinga Raju. But unlike many Raju favourites in the company, he is also much liked by the Satyam staff who welcomed his annointment. "

A S Murty's name came up after the board had discussions with senior executives of the company . Asked for three names in order of preference, Murthy's name came up in most lists. " Based on this and other feedback, the board decided on Murty," an insider said.

His appointment will also take care of the son of the soil sentiment witnessed in recent weeks," an insider conceded. In a press statement, board member Deepak Parekh said that Murty " is well respected for his ability to effectively integrate the team and enable a collective decision making- which will be critical as Satyam moves into its revival phase."

Satyam on Thursday also appointed New York-based legal firm Wachtell, Lipton, Rosen & Katzin to address various class action suits — numbering about a dozen - filed against it in the US. However, Latham & Watkins, lawyers of Satyam for over eight years will continue to support it in its ongoing dialogue with the US Securities and Exchange Commission (SEC).