Larsen & Toubro Ltd on Friday elevated current Deputy Managing Director and President SN Subrahmanyan to the post of managing director and chief executive officer. Subrahmanyan, who will assume office on July 1, will replace AM Naik. This is the first time in 18 years that the country’s largest engineering and construction firm has made changes at its top level, according to Mint.
Naik will now serve as the non-executive chairman for three years, staring October 1. “I am confident that under Mr Subrahmanyan’s high calibre leadership, the company will accelerate its growth momentum and continue to play a vital role in building the nation,” said Naik, according to The Economic Times.
Subrahmanyan is credited with the growth L&T’s engineering and construction business has seen since he became a member of the board in July 2011. “It’s business as usual in L&T. Naik has been grooming me for the last three years, it’s a well-thought-out process,” Subrahmanyan told Mint.
The change of guard comes at a time when L&T is looking towards doubling its revenue by 2021. As per the firm’s five-year plan, the company will seek to expand its global presence, divest into small businesses and develop leadership.
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