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In a significant leadership transition, veteran industrialist AM Naik has officially retired from his role as Non-Executive Chairman of Larsen & Toubro (L&T) on September 30. The baton of leadership for the $23 billion conglomerate has been handed over to S N Subrahmanyan. Naik, who has spent six decades contributing to L&T’s growth, will now assume the role of chairman for the company’s IT entities and the employees’ trust. He will also intensify his philanthropic endeavors, which have been a focus of his activities in recent years, according to a statement by L&T.
Naik’s remarkable contributions to both industry and philanthropy were recognized with the unveiling of a commemorative postage stamp by India Post. In a ceremony attended by former directors of L&T and Naik’s family members, the cover of his forthcoming biography, titled “The Man Who Built Tomorrow” and published by Harper Collins, was also revealed.
L&T clarified that Naik’s future efforts will be directed towards various philanthropic initiatives. These include the Naik Charitable Trust, dedicated to the education and skill development of underprivileged individuals, and the Nirali Memorial Medical Trust, which facilitates specialized healthcare at subsidized costs.
During his extensive career at L&T, Naik ascended to the positions of Chief Executive Officer (CEO) in 1999 and Chairman in 2003. To honor his extraordinary contributions, the L&T board designated him as Chairman Emeritus. Notably, Naik played a pivotal role in thwarting two hostile takeover attempts on L&T and was instrumental in establishing the Larsen & Toubro Employee Trust (LTET), which is now the company’s largest single shareholder.
His philanthropic efforts have also earned him recognition as India’s most generous corporate professional for three consecutive years on the Edelgive Hurun India Philanthropy List. In the fiscal year 2021-22 alone, Naik dedicated Rs 142 crore to philanthropic causes.
Born into a family of educators in Gujarat, Naik joined L&T as a junior engineer in 1965 and gradually ascended to the position of Group Chairman.
In an exclusive interview with Moneycontrol, Naik expressed his intention to relinquish his other roles by 2025, focusing primarily on his charitable trusts and social ventures. He mentioned, “I am still the Consul General of Denmark until 2025…I have decided that by 2025, I will give up everything and only run the trust and my two trust social work ventures.”
The transition of leadership at L&T will see SN Subrahmanyan, the current CEO and Managing Director (MD) of the company, assume the role of Chairman and Managing Director (CMD) effective October 1. Subrahmanyan was promoted to these roles in 2017 after undergoing a rigorous selection process and three years of grooming under Naik’s guidance. His appointment marks the continuity of L&T’s leadership legacy as it embarks on a new era under his stewardship.
Sources By Agencies
