A M Naik steps down as chairman of L&T Group

This is to inform you of a major development happening in the industry. Recently, the longtime chairman of Larsen & Toubro, AM Naik stepped down from his position. Yes, you heard it right, AM Naik announced his resignation as the chairman of L&T after chairing the group for the past 20 years. This major development reportedly happened on September 30, 2023. It is said that AM Naik’s stepping down as the chair of L&T Group, is the end of an era. However, AM Naik revealed his decision to step down from his post in May 2023. But his reign came to an end on September 30, 2023, when he officially left the post and handed over the reins of the $23 billion conglomerate to his successor. Who is AM Naik’s successor?  To cater to your queries, keep reading this article and learn more details.

AM Naik

Who is the new chairman of L&T Group?

In May this year, AM Naik announced his plans to hand over the company to SN Subrahmanyan. Naik was the non-executive chairman of the company at that time. SN Subrahmanyan is the CEO and MD of the company. According to the reports, AM Naik was the longest-serving chairman of Larsen & Toubro Employe Trust. He served for 20 years as the chairman of the company. AM Naik became the company’s largest stakeholder. Not to mention, AM Naik played a vital role in building the trust of the company in 2003 when analysts said it was a bid to avoid the company’s hostile takeover.

AM Naik Steps Down As Chair of L&T Group

The 81-year-old chairman of L&T Group stepped down on September 30, 2023. He quit the company after remaining with the company for more than 58 years including 20 years as chairman. Reportedly, AM Naik joined the company back in 1965 as a junior engineer. As the years passed, AM Naik went on to become the company’s most important employee. His dedication and commitment to the company made him its managing director and chief executive officer in 1999. After four years, in 2003 AM Naik became the chairman of L&T Group.

In its statement, L&T stated that AM Naik took the company to grow to its present size and stature in the span of three decades of his leadership roles. Recently, 81-year-old AM Naik asserted that he would focus on philanthropic initiatives after leaving the company. Notably, AM Naik has been serving through the Naik Charitable Trust to provide education and skill-development programs to underprivileged children.

Amzad Khan
Amzad Khan

Hey there, guys. I am Amzad Khan. I enjoy writing on topics related to my interests in gaming and technology. My work has attracted a dedicated fan base thanks to the fresh and unexpected angle I bring to each piece.