The board of Larsen & Toubro Ltd. has given its nod for reappointment of AM Naik as non-executive chairman for a period of three years starting Oct. 1, 2020.
Naik's present tenure is scheduled to end on Sept. 30. The board has also gave approval for extending the tenure of whole-time director Dip Kishore Sen.
"The board of directors at its meeting held on June 5, 2020, based on recommendation of the Nomination and Remuneration Committee and subject to necessary approvals of the shareholders of the company, has approved the...proposals for re-appointment of directors, whose present tenures are ending on Sept. 30, 2020," L&T said.
Naik has been reappointed as a non-executive chairman for a period of three years with effect from Oct. 1, 2020, and up to Sept. 30, 2023. Dip Kishore Sen has been reappointed as a whole-time director with effect from Oct. 1, 2020 up to April 7, 2023.
Joining the company as a junior engineer in 1965, Naik quickly rose through the ranks—from general manager to managing director and then chief executive officer—to be appointed at the chairman and managing director on Dec. 29, 2003.
He was L&T's group executive chairman from 2012 to 2017. In October 2017, he stepped aside from executive responsibilities, and was appointed group chairman.
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