SN Subrahmanyan named L&T CMD, AM Naik steps down

Mumbai: Infrastructure major Larsen & Toubro (L&T) on Wednesday announced that non-executive chairman AM Naik has decided to step down from the post.

SN Subrahmanyan, L&T's chief executive officer and managing director, will take over as the chairman and managing director with effect from October 1, 2023.

"... AM Naik has decided to step down as non-executive chairman of the company with effect from September 30, 2023. He has been conferred the status of 'Chairman Emeritus' by the board," said L&T in a press statement.


Naik has been associated with L&T for over 58 years and steered the company from being a major player in the capital goods and engineering space to expanding into other businesses, including IT & technology services and financial services.

"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," said Naik.

L&T said Naik was instrumental in upholding the company's independence as a professionally managed company and steered it through many challenging times. Under his leadership, both L&T's revenue and market cap grew significantly.

SN Subrahmanyan, or SNS as he is widely known, has been at the helm of L&T for six years since July 1, 2017, as the CEO & MD.

He 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.

"Today, L&T has a record high order book, manufacturing expertise that is globally second to none, healthy growth in the IT/TS sectors, retail-oriented focus in financial services business and a strategic vision on how to shape its future," said L&T, adding that with focus on digital transformation and automation, SNS has turned the organisation into a technology-led engineering, construction, hi-tech manufacturing and services behemoth.