Subrahmanyan appointed CEO, MD of Larsen & Toubro

The Larsen & Toubro board has decided to appoint S N Subrahmanyan as chief executive officer and managing director with effect from July 1, 2017.

The board also decided to appoint A M Naik as non-executive chairman with effect from October 1, 2017, for a period of three years. Naik’s term as group executive chairman ends on September 30, 2017.

“Across the last 10 years, and especially after he was identified as the likely successor three years ago, I have been personally mentoring Subrahmanyan and grooming him for the enlarged responsibilities of the CEO. I am confident that under Subrahmanyan’s high calibre leadership, the company will accelerate its growth momentum and continue to play a vital role in building the nation,” Naik said.

Subrahmanyan joined L&T in 1984 and was inducted into the company’s board in 2011. He has a degree in civil engineering and a post-graduate qualification in business management.

“It is an onerous responsibility of managing a complex and diversified and very uniquely positioned organisation. And stepping into the shoes of the legend like Naik is definitely not easy and is not something which one would look forward to in a business-as-usual manner,” Subrahmanyan said in a statement.

Multifold growth
The L&T Construction business has grown multifold over the last six years under his leadership to rank among the top 25 global contractors and by far the largest EPC player in the country. Subrahmanyan was also appointed the chairman of L&T’s largest investment at Hyderabad Metro Rail, as well as the Naval Shipbuilding facility of the group, the company said.

According to L&T, Naik’s appointment as non-executive chairman will help the company in seamless transmission of leadership and advise the next generation of leadership.

“Given Naik’s understanding of the complexities of high-tech businesses and his rich experience in the field, the board felt his role as advisor to the next generation of leadership would be essential for sustained growth and profitability,” L&T said in a statement.