AM Naik will take on the role of non-executive chairman at Larsen and Toubro Ltd. after handing over the reins of the construction and engineering giant to SN Subrahmanyan.
Naik will step down as the group executive chairman on September 30 after nearly 17 years at the helm and 52 years at the company. He will provide “guidance, advice and mentorship to the company's executive management, given his understanding of the complexities of high tech businesses”, the company said in a notification to the stock exchanges.
In an interview on February 13, 2017, when asked if he would consider staying on as non-executive chairman, Naik had told BloombergQuint he had “no intention to really get involved in L&T anymore”.
L&T also said SN Subrahmanyan will take over as the chief executive officer and managing director from July 1. Subrahmanyan, with the company since 1984, is currently its deputy managing director and president.
“I have been personally mentoring Mr Subrahmanyan and grooming him for the enlarged responsibilities of the CEO,” Naik said in a separate filing to the exchanges.
Naik had joined L&T as a junior engineer in 1965, according to the company's website. He rose through the ranks to become the chief executive officer in 1999 and chairman in 2003 and was also named the group executive chairman in 2012. L&T's revenue grew from Rs 10,000 crore to over Rs 1 lakh crore with Naik at the helm.
Also Read: The Prospects For L&T In A Year Without AM Naik
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