The board of directors of Larsen and Toubro (L&T) at its meeting decided to confer the status of Chairman Emeritus on A M Naik after he decided to step down as non-executive Chairman of the L&T Group at the end of his tenure on 30th September 2023. The board of directors also appointed S N Subrahmanyan as Chairman and Managing Director with effect from October 1st, 2023. He is currently the Chief Executive Officer and Managing Director of the company.
SNS, as Subrahmanyan is popularly known, 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 construction of new airports in major cities, metros, freight corridors, other major projects across India and expansion of operations in international geographies. SNS has been at the helm of L&T for six years since July 1st , 2017, as the CEO and Managing Director.
Subrahmanyan said, “A M 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.”A M 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. AMN, as he is popularly known, has been the architect of the transformation of L&T into a sharply focused global conglomerate with dominance in the sectors in which it operates.The company states that he was instrumental in upholding L&T’s independence as a professionally managed company and steered the company through many challenging times. Under his leadership both L&T’s revenue and market cap grew significantly. While his sense of duty towards the country is reflected in the things that L&T makes, his sense of purpose is defined by the various philanthropic activities in health, skill development, rural development etc.