At L&T, SN Subrahmanyan replaces AM Naik as Chairman

Mumbai Larsen & Toubro (L&T) on Wednesday named S. N. Subrahmanyan as its new Chairman and Managing Director while non-executive Chairman Anil M. Naik has been conferred the status of Chairman Emeritus.

These top-level changes shall be effective from October 1, as per a decision of the L&T Board of Directors meeting on Wednesday.

Subrahmanyan is presently the company's CEO and MD, while Naik, 80, has been with the group for nearly six decades.

Naik, popular as AMN in corporate circles, is the architect of L&T's transformation into a sharply focused global conglomerate with dominance in the sectors in which it operates.

Under his leadership, both L&T's revenues and market cap grew significantly and the board acknowledged his unparalleled contribution to the company's massive growth despite challenges.

A civil engineer and management graduate, Subrahmanyan joined the L&T construction business in 1984 and was involved in various infra businesses like new airports, metros, freight corridors in India and abroad.

From July 2017, he has been the CEO-cum-MD when the company continued its robust growth in revenues and profits, said an official announcement.