Larsen & Toubro on Wednesday announced that its Non-Executive Chairman AM Naik has decided to step down from the post.
SN Subrahmanyan, who is the Chief Executive Officer & Managing Director, has been re-designated as the Chairman and Managing Director of the company with effect from October 1, 2023, L&T said in an exchange filing.
"... A. M. 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."
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Naik has served the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation.
He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders.
As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.