AM Naik steps down as L&T’s Group Chairman, hands over reins to S.N. Subrahmanyan

To remain as chairman of IT companies and Employees Trust, to focus on photography

September 30, 2023 10:44 pm | Updated 10:44 pm IST - MUMBAI

A. M. Naik on Saturday officially stepped down as Larsen & Toubro Ltd’s (L&T) Group Chairman, handing over the reins of the $23 billion conglomerate to S. N. Subrahmanyan who has now become the CMD of L&T Ltd. 

Mr. Naik, 81, will now be chairman of L&T’s IT companies and the Employees Trust. He will also focus on scaling up his many philanthropic initiatives.

To mark the occasion L&T hosted an event at the Jio World Convention Centre in Mumbai, where some 1,500-odd senior employees and several former directors of L&T were present for the sendoff. 

On the occasion the India Post unveiled a postage stamp on Mr. Naik. 

L&T’s former directors and Mr. Naik’s family members also unveiled the cover of his upcoming biography The Man Who Built Tomorrow that will be published by Harper Collins. 

Hailing from a family of teachers in Gujarat, Mr. Naik had joined L&T in 1965 as a junior engineer and went onto become its Group Chairman. 

In the near three-decades that he spent in leadership roles, Mr Naik is said to have helped L&T grow to its present size and stature.

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