S.N. Subrahmmanyan will take over as the new CEO & MD of Larsen & Toubro (L&T) beginning tomorrow, says a news report . This development also marks the end of tenure for A.M. Naik, who has been at the helm for 17 years.
Currently serving as the Deputy Managing Director and President of the company, Subrahmanyan had joined L&T in 1984 as a project planning engineer. He was inducted in the L&T board in 2011. His appointment as the new leader was approved by the company board on in April this year. However, the news of the impending change was made public last year, and then Subrahmanyan was expected to take charge from October 1, 2017.
Naik will continue to provide guidance and mentorship beyond his current term and will take up the role of non-executive chairman for a period of three years from October 1, right after his retirement as executive chairman on September 30. He has expressed confidence in his successor, and praised his work ethic and business acumen in the report. "I have full confidence that under him L&T will remain steadfast to its core values, fulfill the expectations of our stakeholders and continue to play a key role in building a stronger India," he has been quoted in the report. Subrahmanyan, on the other hand, has called the appointment a matter of high honour and immense responsibility. According to the report, he said that “he looked forward to jointly writing a new chapter for L&T along with the high calibre employees while ensuring to continue delivering value to the stakeholders.”