L&T appoints SN Subrahmanyan as MD, Chairman; AM Naik to be Chairman Emeritus
The company's board has decided to confer the status of Chairman Emeritus to A M Naik.
Infrastructure major Larsen & Toubro on Wednesday announced that it has appointed S N Subrahmanyan, as Chairman and Managing Director with effect from October 1, 2023. A M Naik after he decided to step down as Non-Executive Chairman of the L&T Group.
S N Subrahmanyan is currently the Chief Executive Officer and Managing Director of Larsen & Toubro (L&T). A M Naik has decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on 30 September 2023.
The company's board has decided to confer the status of Chairman Emeritus to A M Naik.
“... 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," said L&T in its filing.
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.
“L&T has been my life. I am immensely proud that I could play a significant part in its growth. The growth trajectory that the company has charted in the last two to three decades is exemplary. The emphasis we laid on IT and Technology Services has had a significant positive impact on the profitability of the organisation. Going forward also, I am sure that Mr. Subrahmanyan will continue to foster the high growth and entrepreneurial culture at L&T. In him, L&T has a highly capable, passionate and empathetic leader," said A M Naik.
Larsen & Toubro registered 10% growth each year-on-year in PAT stood at ₹3,987 crore in Q4FY23, while revenue stood at ₹58,335 crore in the quarter.
The board of directors on Wednesday recommended a final dividend of ₹24 per equity share subject to approval of shareholders.
On BSE, L&T stock price closed at ₹2,366.75 apiece down by 0.30%.
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