L&T Chairman Emeritus AM Naik steps down from LTIM and LTTS boards, hands over the baton to Subrahmanyan

AM Naik, Chairman Emeritus of Larsen & Toubro, has resigned from his positions as non-executive chairman of LTIMindtree Ltd (LTIM) and chairman of L&T Technology Services Ltd (LTTS) on Wednesday, June 26.

The Chairman and Managing Director of L&T, SN Subrahmanyan is elevated as the non-executive chairman of LTIM and chairman of LTTS with effect from June 27, 2024.

Subrahmanyan joined the Board of L&T Infotech in 2015. He was promoted to the position of Vice Chairman on May 4, 2017. He was instrumental in the acquisition of Mindtree in 2019 and then led the merger of L&T Infotech and Mindtree, the company said in an exchange filing.

While reminiscing on his journey at L&T Infotech, Naik said, “I feel privileged to have not only led such a great organisation but also laid the foundation for future growth and success. From June 27, 2024, under Mr. Subrahmanyan’s able leadership, I am sure LTIMindtree will continue to grow further and reach new pinnacles of success.”

Subrahmanyan expressed his gratitude towards Naik and the board for their trust and his appointment to the office.

“First of all, I would like to acknowledge Mr Naik’s efforts towards building this IT giant within the L&T Group. What he has done is humongous and simply outstanding… I would humbly like to take up this responsibility and take LTIMindtree’s legacy of trust, customer focus, timely delivery, quality, people centricity, and professionalism forward,” he said.

The Board appreciated Naik’s “unparalleled contribution” to the company and noted that his ministration led to an upturn in shareholder value creation.

“AMN, as he is popularly known, has been the Founder Chairman of the company and the architect of the transformation of LTIMindtree into a sharply focused global conglomerate with dominance in the sectors in which it operates. He constantly pushed the boundaries of what’s possible by laying emphasis on technology, talent and innovation,” the regulatory filing stated.

A career spanning decades

AM Naik has had an illustrious career spanning over almost 6 decades. He joined the company in 1965 as a Junior Engineer, where he rose rapidly to the position of Chairman and Managing Director in December 2003.

The transformation that L&T went through across all parameters of business performance under his leadership has been widely recognised within the company.

Naik also served as chairman of the National Skill Development Corporation from November 2018 to April 2022, on appointment by the Prime Minister of India.

Besides his professional life, Naik has been deeply involved in social work, pledging 75% of his wealth towards healthcare, education, and skill development.

He has been conferred with the Padma Vibhushan, the Padma Bhushan, the Gujarat Garima Award, and the Danish Knighthood Award for his outstanding service and leadership.