AM Naik decided to step down as Non-Executive Chairman of LTIMindtree and L&T Technology Services (LTTS) at the end of Wednesday’s annual general meeting. The board of directors of the respective companies appointed S N Subrahmanyan as Chairman from June 27.
With a 60-year career, Naik was the founder chairman of L&T’s engineering and service verticals. Speaking on the occasion, Subrahmanyan said, “It is an epochal event. It is a change that happens very rarely. This is something very difficult for us as L&T employees to reckon with. In this business, there is one captain and chairman that we ever know, and Mr Naik was that Chairman for us, and in my mind will continue to be the Chairman forever.”
In his concluding remarks, Naik added, “It is with immense pride and satisfaction that I reflect on the journey from the initial days of L&T Infotech to the IT services behemoth that LTIMindtree has become today. I feel privileged to have not only led such a great organisation, but also laid the foundation for future growth and success. From June 27, under Mr Subrahmanyan’s able leadership, I am sure LTIMindtree will continue to grow further and reach new pinnacles of success.”
Green shoots
While taking up the charge, Subrahmanyan also added that both the engineering services and IT services arms, LTIMindtree and LTTS are seeing green shoots this quarter in comparison to the same quarter last year, portending this financial year to be a better one for both tech firms.
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At a time when most IT firms have reduced campus hiring, Subrahmanyan said they face a shortfall of 20,000 associates across both the tech firms and expect to do campus recruitment. Skill shortage is particularly high for mid-level engineers, he said.
Both leaders noted that LTTS and LTIMindtree are not going to merge for the foreseeable future.
Naik further added that his association with L&T will be that of a shareholder, but, “L&T continues to be an indelible part of me.” Naik added that he is going to continue to work, dedicating himself to philanthropic activities.