Larsen & Toubro’s non-executive chairman A M Naik has decided to step down from the post and will become the Chairman Emeritus, the engineering giant has said. S N Subrahmanyan, who is the company’s chief executive officer & managing director, has been re-designated as the chairman and managing director of the company with effect from October 1, 2023.
Naik has decided to step down as the company’s non-executive chairman with effect from September 30, 2023. He has been conferred the status of Chairman Emeritus by the board. He has been associated with the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation.
As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.
“L&T has been my life. I am immensely proud that I could play a significant part in its growth. The growth trajectory that the company has charted in the last two to three decades is exemplary. The emphasis we laid on IT and Technology Services has had a significant positive impact on the profitability of the organisation,” Naik said.
Going forward also, he said he was sure that Subrahmanyan will continue to foster the high growth and entrepreneurial culture at the company. “In him, L&T has a highly capable, passionate and empathetic leader.” Subrahmanyan joined the construction business of L&T in 1984 as a project planning engineer after completing a degree in civil engineering and post-graduation in business management.
He successfully helmed L&T’s largest infrastructure business which included the construction of new airports in major cities, metros, freight corridors, and other major projects across India and the expansion of operations in international geographies.
(With PTI Inputs)
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