Infrastructure major Larsen & Toubro on Wednesday announced that its Non-Executive Chairman A M Naik has decided to step down from the post.
S N Subrahmanyan, who is the Chief Executive Officer & Managing Director, has been re-designated as the Chairman and Managing Director of the company with effect from October 1, 2023, L&T said in an exchange filing.
"... A. M. Naik has decided to step down as Non-Executive Chairman of the Company with effect from September 30, 2023. He has been conferred the status of 'Chairman Emeritus' by the Board."
Naik has served the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation. He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders.
Speaking about the transition in leadership, A M Naik said, "L&T has been my life. I am immensely proud that I could play a significant part in its growth. [...] Going forward also, I am sure that Mr Subhrahmanyan will continue to foster the high growth and entrepreneurial culture at L&T. In him, L&T has a highly capable, passionate and empathetic leader.
As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.
As the new Chairman, Subhrahmanyan said, "Mr 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."
(With PTI inputs)
