The board of Larsen & Toubro, India’s leading engineering conglomerate with a revenue of close to Rs 60,000 crore, has named S N Subrahmanyan as its new managing director and CEO with effect from July. A M Naik, who is currently the executive chairman, will become its non-executive chairman effective October 1.
The appointments will mark a major change in leadership positions at the company where Naik has served for over 52 years, including as its head for over 17 years. He became CEO and MD in 1999 and was appointed as chairman in 2003.
Subrahmanyan is currently the deputy MD and President of the company. “Subrahmanyan is a top-notch professional of outstanding ability and commitment. Across the last ten years, and especially after he was identified as the likely successor three years ago, I have been personally mentoring Subrahmanyan and grooming him for the enlarged responsibilities of the CEO. I am confident that under Subrahmanyan’s high calibre leadership, the company will accelerate its growth momentum and continue to play a vital role in building the nation,” Naik said.
Subrahmanyan joined L&T in 1984 and has a degree in civil engineering and a postgraduate qualification in business management.