Engineering conglomerate Larsen & Toubro (L&T) on Friday named S N Subrahmanyan as its new CEO with effect from July, while long-serving head A M Naik will move to a new position of non-executive Chairman effective October 1.
The appointments, approved by the board of Larsen and Toubro today, will mark a major change in leadership positions at the company where Naik has served for over 52 years, including as its head for over 17 years.
He became CEO and Managing Director in 1999, and was appointed as chairman in 2003.
Naik will assume the new role of non-executive chairman for a period of three years beginning October 1, immediately upon his retirement as Executive Chairman on September 30.
Subrahmanyan will take over as the chief executive officer and managing director from July 1, a company filing to the stock exchanges said.
L&T is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations, with revenue of USD 16 billion.