L&T Group's AM Naik Resigns As Chairman After Six Decade Tenure

Veteran industry leader AM Naik stepped down as the chairman of Larsen & Toubro Group's information technology and engineering services arms, L&T Infotech Mindtree and L&T Technology Services.

Naik, who has been with the engineering, procurement, and construction major for over six decades, will not be on board of any L&T group companies from now on, the company said in a release on Wednesday.

SN Subrahmanyan, who succeeded Naik to the chairmanship of the flagship company, has been appointed as the chairman of L&T Infotech Mindtree and L&T Technology Services at the annual general meeting of the listed arms on Wednesday.

Subrahmanyan mentioned that even if he is not officially the chairman, Naik will still be considered the 'chairman' by everyone in the diverse group.

Naik expressed satisfaction with leaving the companies in good health and with bright growth prospects. After a soft fiscal 2024 due to global headwinds, LTIM is looking forward to a better fiscal 2025, he said.

Subrahmanyan stated that there are no intentions to combine the information technology and engineering services divisions and clarified that LTIM is not currently seeking any acquisitions. He mentioned that LTIM and LTTS are collaborating to achieve a deal value of $200 million in generative AI and highlighted that around 50,000 engineers have been trained in cutting-edge technologies.

The company said the board highly appreciated Naik's unparalleled contribution to the company and recorded that his stewardship led to an upsurge in shareholder value creation. "He constantly pushed the boundaries of what's possible by laying emphasis on technology, talent and innovation," they added.

Subrahmanyan joined the board of L&T Infotech on January 10, 2015. He was appointed as the Vice Chairman of L&T Infotech on May 4, 2017, and played a stellar role in the growth of LTIMindtree, according to the company.