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Business News/ Companies / People/  This is how AM Naik will continue at L&T after stepping down on September 30: Report

This is how AM Naik will continue at L&T after stepping down on September 30: Report

L&T chairman AM Naik to step down, S N Subrahmanyan to take over. Naik will remain associated with the company in other roles

AM Naik has served L&T for more than 58 years. Premium
AM Naik has served L&T for more than 58 years.

Infrastructure major Larsen & Toubro's (L&T) AM Naik will be stepping down as the non-executive chairman on September 30. S N Subrahmanyan will take charge as Chairman and Managing Director with effect from October 1, 2023. In an interview with Moneycontrol,  Naik said that he will continue to be associated with the company as chairman of the two information technology (IT) subsidiaries, an advisor to the board, and chairman of the employees’ trust.

"I have decided that by 2025, I will give up everything and only run the trust and my two trust social work ventures," Naik said as reported by Moneycontrol

Naik has served the company for more than 58 years. He joined the company in 1965, became its managing director (MD) and chief executive officer (CEO) in 1999, and chairman in 2003. He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders.

Also Read: I’ll step down as chairman in October: L&T’s Naik

L&T stock price today

L&T stock price went down on Wednesday by  0. 16%.The stock is currently trading at 2628.10 per share at NSE at the time of writing the story.  The stock closed at 2632.95 per share on Tuesday. 

Shares of Larsen & Toubro Ltd. 500510, -0.14% inched down 0.08% to 2,632.95 Indian rupees Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P BSE Sensex Index 1, -0.50% falling 0.16% to 65,846.50. Shares of construction major hit a 52-week high (2,687.90 rupees) on July 31.

L&T was founded in Mumbai by two Danish engineers—Henning Holck-Larsen and Soren Kristian Toubro—who had come to India for a completely different purpose, as representatives of the Danish engineering firm F.L. Smidth and Co. (FLS) in connection with the merger of cement companies that were later grouped into Associated Cement Companies (ACC) Ltd.

Together, Holck-Larsen and Toubro founded the partnership firm of L&T in 1938, which was converted into a public limited company in 1950, and took on engineering and construction assignments of increasing sophistication.

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Published: 09 Aug 2023, 01:02 PM IST
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