As reported by MSN.com, AM Naik, the long-serving Non-Executive Chairman of Larsen & Toubro Group (L&T), has decided to relinquish his position. His tenure concludes on September 30, post which he will be honored with the title of Chairman Emeritus. The announcement was confirmed during the L&T board meeting on May 10.
Succeeding him will be SN Subrahmanyan, who will assume the role of Chairman and Managing Director starting October 1. Currently, Subrahmanyan is serving as the Chief Executive Officer and Managing Director of the multinational conglomerate.
Naik, affectionately known as AMN, has been a part of L&T for an impressive tenure spanning over 58 years. His guidance has been fundamental in transforming the company into a globally recognized conglomerate. L&T acknowledged Naik’s monumental contribution, attributing its significant growth in revenue and market cap to his visionary leadership.
Reflecting on his journey with L&T, Naik stated, “L&T has been my life. I am profoundly proud of the crucial role I played in its growth story. The company’s phenomenal growth trajectory over the past few decades is a testament to our focus on IT and Technology Services, which has significantly boosted our profitability. I am confident that Mr. Subrahmanyan will carry forward the culture of high growth and entrepreneurship at L&T.”
Naik’s illustrious career has been recognized at the national level, with him being awarded the Padma Bhushan in 2009, and the Padma Vibhushan in 2019.
Subrahmanyan, fondly known as SNS, is no stranger to L&T, having joined the construction division in 1984 as a project planning engineer. His journey with the company has seen him rise through the ranks rapidly, culminating in his appointment as CEO and Managing Director on July 1, 2017.
Expressing gratitude towards Naik, Subrahmanyan said, “All our achievements have been possible due to the unwavering support of all L&Tites, and the steadfast backing of Mr. Naik. Mr. Naik’s contribution to building what we know today as L&T is unparalleled.”
Subrahmanyan is credited for his leadership during the COVID pandemic, focusing on an asset-light strategy, and setting up digital and technology-led businesses, preparing L&T for the next wave of growth.
MarketingInAsia.com wishes Mr. Naik all the best for his future endeavors. His legacy at L&T is indeed remarkable and his contributions to the company and the nation will always be celebrated. His visionary leadership has etched a significant chapter in the history of L&T, and his dedication will continue to inspire generations to come.
