Veteran industrialist AM Naik has decided to step down as Non-Executive Chairman of the Larsen & Toubro Group (L&T). His tenure comes to an end on September 30. AM Naik will now be conferred the status of Chairman Emeritus. The decision was approved by the L&T board during the meeting held on May 10.
The board also appointed SN Subrahmanyan as the Chairman and Managing Director with effect from October 1. He is currently the Chief Executive Officer and Managing Director of the multinational.
AM Naik, widely known as AMN, has been with the company for more than 58 years. Throughout his tenure, he was instrumental in the company’s fortune and for its transformation into a global conglomerate.
The company said that under his leadership, L&T’s revenue and market cap grew significantly. L&T called AM Naik an “inspiration for all L&Tites, present and future”.
Commenting on this transition, AM Naik 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. 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.”
AM Naik was awarded the Padma Bhushan in 2009, and the Padma Vibhushan in 2019.
SN Subrahmanyan is a veteran too and joined the construction business of L&T in1984 as a project planning engineer after he completed his degree in civil engineering and post-graduation in business management.
SNS – as he is fondly called – rapidly rose through the rungs of the company to helm the company. He was appointed the CEO and Managing Director of L&T on July 1, 2017.
Thanking AM Naik, Subrahmanyan said, “I must humbly submit that all that we have been able to achieve has been with the utmost support of all L&Tites, and of course with the firm backing of Mr. Naik. Mr. Naik contributed significantly to building what we know today as L&T.”
Subrahmanyan has been credited for steering the company during the COVID pandemic, and focussing on being asset-lite. He laid the foundation for the next wave of growth at L&T by setting up new age digital and technology-led businesses.
Also read: L&T Q4 results: Profit jumps 10% to Rs 3,987 crore; AM Naik steps down as Non-Executive Chairman