L&T announces leadership transition, AM Naik to be Chairman Emeritus
May 10, 2023
New Delhi [India], May 10 : Larsen & Toubro (L&T) in its board meeting held on Wednesday decided to confer the status of Chairman Emeritus on AM Naik after decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on September 30, 2023.
The Board of Directors also appointed SN Subrahmanyan as Chairman and Managing Director with effect from October 1, 2023. He is currently the Chief Executive Officer and Managing Director of the Company.
AM Naik has been with L&T for more than 58 years. The Board highly appreciated Naik's unparalleled contribution to the company and recorded that his stewardship led to an upsurge in shareholder value creation, said the company statement.
Under Naik's leadership, the statement said both L&T's revenue and market cap grew significantly.
Speaking on this development, 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 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."
SN 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.
His ability to develop innovative solutions in the construction and infrastructure space has seen him rise rapidly up the leadership rungs of the Company. 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. Subrahmanyan has been at the helm of L&T for six years since July 1, 2017, as the CEO and Managing Director, said the company statement.
On this occasion, Subrahmanyan said, "I would like to express my sincere gratitude to our Group Chairman Mr. Naik and the Board for reposing trust in me and appointing me as the Chairman and Managing Director. 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 Naik. Naik contributed significantly to building what we know today as L&T. I would humbly like to take up this responsibility and take the legacy of trust, customer focus, timely delivery, quality, people centricity, and professionalism forward."
While Subrahmanyan has focused on value accretive growth through the strategy of being asset-lite, the company statement said he has laid the foundation for the next wave of growth at L&T by setting up new-age digital and technology-led businesses.
