The L&T board on Friday appointed Mr K. Venkataramanan as Chief Executive Officer and Managing Director with effect from April 1, 2012. Mr A.M.Naik, will continue as Executive Chairman of the Group.

This follows the board's decision to bifurcate the role of Chairman and Managing Director into two positions.

Mr K. Venkataramanan, a chemical engineering graduate from IIT (Delhi), joined L&T as a Graduate Engineer Trainee and was elevated to the board of the company as a whole-time director in 1995.

L&T said he has won many national and international accolades such as Honorary Fellow of IChemE, U.K., Honorary Doctorate in Project Management, distinguished Alumni of IIT, Delhi. He is an excellent leader and is well-known in science, technology and business circles.

Mr A.M. Naik said, “I am pleased that the board has appointed Mr K. Venkataramanan as CEO & MD. I have full confidence that under Mr Venkataramanan’s leadership, L&T will continue on its growth path."

L&T has sought to streamline its portfolio and created 10 independent companies (ICs) and seven subsidiaries to bring focus, autonomy and accountability and had engaged the services of the global strategy firms for the exercise.

While the exercise has been progressing, changes in the economic environment necessitated the company to undertake a mid-term review of its strategic plan, which is under finalisation.

In line with the vision of the company to become an Indian multinational as also looking at the current global competitive environment, it needs to develop leaders who will manage the company, going forward, L&T said.

L&T said that in view of the above transformation phase that L&T is going through, the board decided that there is a need for continuity and accordingly requested Mr A.M.Naik, to continue for a period of five years as Executive Chairman of the Group.

The L&T Board has elevated Mr Shailendra Roy as a whole-time director.

Mr Roy is currently Senior Vice-President, Power Development Business, besides Corporate Affairs & Corporate Initiatives.

L&T said the induction was part of the company’s succession plan.

Prior to joining L&T, he was Managing Director & Chief Executive Officer of Bharat Heavy Plates & Vessels (BHPV) from 2002 to 2004.

Mr Roy (59) holds a Bachelor of Technology degree. He started his career in 1975 as an Engineer with Bharat Heavy Electricals Ltd’s (BHEL) manufacturing unit at Haridwar.

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