Mumbai/IBNS: The Board of Directors of Larsen & Toubro on Wednesday appointed S N Subrahmanyan as Chairman and Managing Director with effect from October 1, 2023.

He is currently the Chief Executive Officer and Managing Director of the company.

The company’s board 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 30th September 2023.

“Mr. A M Naik has been with L&T for more than 58 years. The Board highly appreciated Mr. Naik’s unparalleled contribution to the company and recorded that his stewardship led to an upsurge in shareholder value creation,” the company said in a statement.

AMN, as he is popularly known, has been the architect of the transformation of L&T into a sharply focused global conglomerate with dominance in the sectors in which it operates, it said.

As is widely known, AMN was instrumental in upholding L&T’s independence as a professionally managed company and steered the company through many challenging times.

Under his leadership both L&T’s revenue and market cap grew significantly. While his sense of duty towards the country is reflected in the things that L&T makes, his sense of purpose is defined by the various philanthropic activities in health, skill development, rural development etc. that he has undertaken.

“Mr. Naik is truly an inspiration for all L&Tites – present and future as well as all Indians who can dare to dream and persevere to succeed in the manner that he has exemplified,” read the statement.

Speaking on this development, Naik said, “L&T has been my life. I am immensely proud that I could play a significant part in its growth. The growth trajectory that the company has charted in the last two to three decades is exemplary.”

Naik said the emphasis on IT and Technology Services has had a significant positive impact on the profitability of the organisation.

“Going forward also, I am sure that Mr. Subrahmanyan 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,” he added.

Subrahmanyan 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.

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.

He has been at the helm of L&T for 6 years since July 1, 2017, as the CEO & Managing Director.