SN Subrahmanyan named L&T CMD
Larsen & Toubro (L&T), the renowned Indian multinational engineering firm, has declared the appointment of S N Subrahmanyan as its new Chairman and Managing Director (CMD), effective from October 1, 2023.
Subrahmanyan, who currently serves as the CEO and MD of L&T, will take over from A M Naik, the company’s present Non-Executive Chairman, who has decided to relinquish his position on September 30, 2023. Naik will be given the honorary title of Chairman Emeritus.
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A M Naik, a prominent figure in the Indian engineering industry, has dedicated over 58 years to L&T, where he led a transformation of the company into a global conglomerate. Naik’s legacy includes expanding L&T’s business areas, such as IT and technology services, and financial services.
In the fourth quarter of fiscal year 2023, L&T achieved a remarkable 10% YoY growth in both revenue and profit. The company’s board of directors proposed a final dividend of ₹24 per equity share on Wednesday, pending shareholder approval.