AM Naik Steps Down From L&T As Chairman, Gives Reign Of $23 Billion Conglomerate To SN Subrahmanyan

AM Naik, the man who transformed Larsen & Toubro (L&T) Group into a multi-billion-dollar conglomerate, has stepped aside from the post of chairman and handed over the baton to SN Subrahmanyan. Under Naik's leadership, L&T overcame multiple challenges and emerged stronger with a sharper focus on profitable growth. L&T currently is valued at a massive 23 billion dollars.

Subrahmanyan also holds the title of Managing Director at L&T.

Here are key things to know about AM Naik and legacy at L&T as per the group's website:

Naik mirrors the values of the organisation he heads - professionalism, entrepreneurship and a passionate commitment to advancing the interests of all stakeholders. Under his leadership, L&T overcame multiple challenges and emerged stronger with a sharper focus on profitable growth, L&T's website said.

Naik is also identified among the world's best-performing business leaders by many media surveys and peer group assessments.

His journey with L&T started in 1965 as a Junior Engineer. But he rapidly rose to positions of increasing responsibility as he moved from General Manager to Managing Director and CEO, leading to his appointment as Chairman and Managing Director on December 29, 2003. Naik was the Group Executive Chairman of L&T from 2012 to 2017.

In October 2017, he relinquished executive responsibilities and was appointed Group Chairman. Six years later in 2023, Naik stepped aside and paved the way for SN Subrahmanyan to lead $23 billion worth L&T.

During his era, to transform L&T into a world-class conglomerate, Naik led a transformational process that boosted shareholder value. His leadership has seen a remarkable increase across all parameters of business performance - market capitalization, consolidated turnover and net worth. He also spearheaded the restructuring of the conglomerate to facilitate aggressive growth across a large revenue base.

Also, Naik's effort of starting the process of indigenising the manufacture of critical equipment for the defence sector and process industries decades ago led L&T Group to hold the leadership position in the design, development and manufacture of missiles and weapon systems and forged a vibrant relationship with national bodies for defence research & development and space research.

Not just that Naik infused a global perspective into L&T's operations. This involved revamping mindsets and ensuring that virtually every critical activity is benchmarked against global standards.

Other landmark achievements that have yielded significant value for the Company and its stakeholders include the de-merger of the cement business. He conceptualized the proposal for the L&T Employees' Trust which has ringfenced L&T, enabling the Company to retain its unique character and strengthen the employees' sense of belonging, the website added.

After stepping down from the leading role at L&T Group, Naik will now be the chairman of the employees' trust. As per a PTI report, he will focus on increasing many philanthropic initiatives that he has been undertaking for the past few years.