End of an era: AM Naik steps down as L&T Group chairman after 20 years at helm
The octogenarian has handed over the reins of the $23 billion conglomerate to S N Subrahmanyan, who is currently the CEO and managing director of the company.
AM Naik, who has been associated with Larsen & Toubro for nearly six decades and has remained as the chairman of the group for the last 20 years, stepped down on September 30, marking the end of an era.
Naik had, in May this year, resigned as the non-executive chairman and announced the plan to hand over the reins of the $23 billion conglomerate to SN Subrahmanyan, who is currently the CEO and managing director of the company, on October 1.
The 81-year-old will continue as the chairman of Larsen & Toubro Employee Trust (LTET), the company's largest stakeholder. Naik had played a key role in the trust's formation in 2003, in what analysts describe as a bid to prevent the company's hostile takeover.
Notably, Naik has served the company for more than 58 years. He joined L&T in 1965 as a junior engineer, and went on to become its managing director and chief executive officer in 1999, and chairman in 2003.
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In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, L&T said in a statement.
Naik, in recent interviews, has suggested that his focus will be on philanthropic initiatives in the period to come. The industry veteran has been serving society through the Naik Charitable Trust, which provides education and skill-development training to the underprivileged, and the Nirali Memorial Medical Trust that helps in providing access to super specialty healthcare at subsidised cost to the needy sections of society.
To honour his philanthropic initiatives, India Post unveiled a postage stamp on the occasion of his stepping down as the L&T Group chairman.
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Business NewsCompaniesEnd of an era: AM Naik steps down as L&T Group chairman after 20 years at helm
First Published:1 Oct 2023, 07:58 AM IST
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