AM Naik not keen to be non-exec chair post retirement

MUMBAI: AM Naik doesn’t want to become non-executive chairman at Larsen & Toubro after he hands over charge to his successor. But he’ll still be very much around, heading the employees’ foundation that also acts as a watchdog against predatory threats. He also plans to write a book that will deal with, among other things, the takeover attempts that L&T staved off.

“I am not interested. I am not a man who can be non-executive,” Naik told ET in an interview. “I can try and be cautious about not being an executive but at time some executive actions may have to be taken if you want to do certain things. I don’t need to be in the driver’s seat, but I need to be in the first-class passenger’s seat.”

The statement puts an end to speculation about Naik’s role at India’s largest engineering conglomerate, which he joined in 1965. L&T has identified SN Subrahmanyan, currently deputy managing director, to succeed Naik in October next year.

Read More: I want to leave behind a strong L&T: Naik

“I will become the chairman or managing trustee of the employee foundation, which is like Tata Sons,” Naik said. “That should give comfort to people that I am sitting around in case there is any attack.”

The autobiography promises to be a candid account of events that made corporate history. “I need to write a book,” Naik said. “The reason I have not written it yet is that both the companies which made attempts to take over are among our best customers today. I can’t write about the fight. When I am a free citizen I can take some liberty.”

Naik is also leading the launch of L&T’s fourth five-year strategic plan, Lakshya 3, which aims to almost double revenue to Rs 2.5 lakh crore, boost market value to Rs 1.5 lakh crore and simplify the company’s structure by divesting some smaller businesses.