Larsen & Toubro(L&T) is looking at a change of leadership as its current Chief Executive Officer and Managing Director S. N. Subrahmanyan is being elevated as Chairman and Managing Director with effect from October 1.
The Board of Directors of L&T at its meeting held on Wednesday 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 September 30. Subrahmanyan has been at the helm for six years as CEO and MD.
Naik, currently aged 80, is regarded as the main force behind the transformation of L&T Group into a formidable engineering and construction company in India and abroad.
“SNS, as Mr. 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,” a statement from L&T said
“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,” it added.
In the Jan-Mar quarter, for the first time ever, L&T Group’s order inflows crossed Rs. 2 trillion and order book is at record high of around Rs. 4 trillion.