SN Subrahmanyan Takes Over As Larsen & Toubro CEO And Managing Director

India’s largest construction company Larsen & Toubro Ltd. has seen its first change of guard in nearly two decades as SN Subrahmanyan takes charge of the Rs 1.5 lakh crore conglomerate.

Starting today, Subrahmanyan takes over as the new managing director and chief executive officer of the company, replacing Anil Manibhai Naik after an 18-year stint.

Subrahmanyan, who joined L&T as a project engineer in 1984, was credited for setting up the country’s first ready mix concrete business. He has also been at the helm of some of the engineering major’s marquee projects spread across India and West Asia.

Subhramanyan has his work cut out for him. Not only does he have big shoes to fill in, the new L&T chief is facing a slew of challenges. These include a slowdown in the Middle East, a loss-making hydrocarbon and ship building business and a general slowdown in order inflows.

End Of An Era

Executive Chairman AM Naik will be taking over the role of non-executive chairman from October 1 this year. Naik joined L&T as a junior engineer in 1965, according to the company’s website.

He rose to general manager, then managing director and chief executive officer and added chairman to the clutch of titles in December 2003. In April 2012, he was also appointed group executive chairman. Under his chairmanship, the company’s revenue has grown from Rs 7,400 crore to over Rs 1 lakh crore.

Also, to his credit is L&T’s diversification into information technology and financial services.

L&T’s stock price during Naik’s tenure rose almost 41 times.