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L&T names S.N. Subrahmanyan as new CEO replacing A.M. Naik

LiveMint logoLiveMint 07-04-2017 PTI

New Delhi: Engineering conglomerate Larsen and Toubro Ltd on Friday named S.N. Subrahmanyan as its new chief executive with effect from July, replacing A.M. Naik who will become the engineering conglomerate’s non-executive chairman, effective 1 October.

The appointments, approved by the board of L&T on Friday, will mark a major change in leadership positions at the company where Naik has served for over 52 years, including as its head for over 17 years. He became CEO and managing director in 1999 and was appointed as chairman in 2003.

Naik will assume the new role of non-executive chairman for a period of three years beginning 1 October, immediately upon his retirement as executive chairman on 30 September, L&T said in a statement.

Under Naik’s leadership, L&T transformed into a $16 billion group with presence not only in engineering and construction but also in technology, manufacturing and financial services operating in over 30 countries. The company’s market capitalization increased to Rs1.58 trillion in 2017 from Rs4,400 crore in 1999, L&T said in the statement.

“A.M. Naik has been the soul of L&T, and has given his whole life to L&T. We are delighted that he has agreed to continue to help the company for the next three years,” said Subodh Bhargava, chairman of L&T’s nomination and remuneration committee.

Subrahmanyan will take over as the chief executive officer and managing director from 1 July, L&T said in the statement. He is currently the deputy managing director and president of the company.

Subrahmanyan had joined L&T in 1984 and rose through the ranks to be inducted into the company’s board in 2011. He led many large infrastructure projects, including airports in major cities, metro and freight corridor projects across India and the Middle East. Under his leadership, L&T’s construction business has been ranked among the top 25 global contractors besides being the largest EPC player in India.

On Subrahmanyan’s elevation, Naik said: “In the last 10 years, and especially after he was identified as the likely successor three years ago, I have been personally mentoring Subrahmanyan and grooming him for the enlarged responsibilities of the CEO.” Under his high calibre leadership, the company will accelerate its growth momentum and continue to play a vital role in building the nation, Naik added.

Subrahmanyan was earlier appointed chairman of L&T’s largest investment at Hyderabad Metro Rail as well as the Naval Shipbuilding facility of the group.

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