Infrastructure behemoth Larsen & Toubro (L&T) announced AM Naik’s resignation from his position as Non-Executive Chairman and Managing Director on Wednesday. His tenure will conclude on September 30. The veteran industrialist has been re-designated as the Chairman Emeritus of the company. Meanwhile, SN Subrahmanyan will be appointed as the Chairman and Managing Director of the company from October 1.
L&T said in an exchange filing, “A.M. Naik has decided to step down as Non-Executive Chairman of the Company with effect from September 30, 2023. He has been conferred the status of ‘Chairman Emeritus’ by the Board.” The aforementioned decision was approved by the company L&T during a board meeting that was conducted on May 10.
AM Naik has been a part of Larson &Toubro for over 58 years. He played a vital role in the company’s success and transformation into a global conglomerate throughout his tenure. According to the company, L&T’s revenue and market cap increased significantly under his direction. AM Naik was regarded as an “inspiration for all L&Tites, present and future” by L&T.
While commenting on the transition AM Naik said that L&T has been his life and he feels incredibly proud that he contributed significantly to its development. The company has had an exceptional growth trajectory over the past two to three decades. He further mentioned that the organization’s profitability has greatly benefited from the emphasis we placed on IT and technology services. “Going forward also, I am sure that Mr Subrahmanyan will continue to foster the high growth and entrepreneurial culture at L&T. In him, L&T has a highly capable, passionate and empathetic leader,” he added.
Meanwhile, SN Subrahmanyan, who is also a veteran, holds a post-graduate degree in business management. He began working for L&T in 1984 as a project planning engineer. He rose quickly through the corporate ranks to become CEO. On July 1st, 2017, he was named the CEO and Managing Director of L&T.
