L&T's AM Naik hints at successor, non-executive chairman post

MUMBAI: Larsen & Toubro head AM Naik hinted that while SN Subrahmanyan may take over the top job as chief executive, the company may have non-executive chairman.

SN Subrahmanyan is currently the deputy managing director and president of the company and leading the race to succeed Naik when he retires in September 2017.

“I don’t see anyone from outside being able to run the company. It is clear that Subrahmanyan is the number two person in the company and has a very good chance of taking over,” Naik said.

When asked if Subrahmanyan will take over as Chairman and CEO, Naik said, “There will definitely be a chairman. Whether it is an executive chairman or a non-executive chairman is yet to be decided.”

There have been speculations that post September 2017, Naik may continue as the non-executive chairman of the $15 billion-engineering and construction major.
For years there have been speculations on whether Naik will finally hang his boots and announce a successor. Every time a deadline on succession has come close, the septuagenarian has surprised all.

In 2012, when he was to retire and new leadership announcement was expected, the company split the post of chairman and managing director, retained Naik as chairman and extended his tenure and appointed K Venkataramanan as chief executive officer and managing director. In 2015, when Venkataramanan was retiring and again the announcement on succession was expected, the company again split the position and elevated Subrahmanyan as the deputy managing director and president.