SN Subrahmanyan new CMD of L&T, AM Naik steps down

Larsen & Toubro (L&T), an Indian multinational engineering company, announced that it has appointed S N Subrahmanyan as its new Chairman and Managing Director (CMD), effective October 1, 2023. Subrahmanyan is currently the CEO and MD of L&T. A M Naik, the company’s current Non-Executive Chairman, has decided to step down from his position on September 30, 2023. Naik will be given the role of Chairman Emeritus.

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Naik has served L&T for more than 58 years and is credited with transforming the company into a global conglomerate. He is also credited with helping L&T move into other business areas such as IT and technology services, and financial services.

L&T’s revenue and profit grew by 10% each year-on-year in the fourth quarter of fiscal year 2023. The company’s board of directors on Wednesday recommended a final dividend of ₹24 per equity share, subject to approval of shareholders.

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