Larsen & Toubro Chairman, A.M. Naik will step down from his executive role to be the Non-Executive Chairman of the engineering conglomerate, while S.N. Subrahmanyan will take over as its chief executive. In a board meeting, Naik was named the Non-Executive Chairman for three years with effect October 1. He is scheduled to retire from his current position on September 30. The board elevated Subrahmanyan, currently the Deputy Managing Director and President, to the position of Managing Director and CEO with effect July 1. Mr. Subrahmanyan was being groomed for the top job for the past three years by Naik, who has spent more than 50 years at L&T. The transition in leadership coincides with L&T’s fourth five-year strategic plan, Lakshya 3 that aims to double its revenue and simplify the structure of the company by divesting some small businesses. The strategic plan will also seek to expand geographical presence, reduce dependence on the high-risk project business, develop leadership and focus on the identified growth areas.
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