AM Naik, non-executive chairman of engineering and construction major Larsen & Toubro, will step down from his position this October, leaving his successor SN Subramanian, the company’s CEO and managing director, to also head the board.
L&T overcame several challenges and emerged stronger under Naik’s leadership with a greater focus on profitable growth. AM Naik is one of the world’s best performing business leaders, according to media surveys and peer group assessments.
AM Naik’s contribution to L&T
In 1965, AM Naik Joined the company as a Junior Engineer. Since then, he has risen to positions of increasingly increasing responsibility, as he moved from general manager to managing director and CEO, leading to his appointment as chairman and managing director on December 29, 2003. He served as the Executive Chairman of L&T from 2012 to 2017. And then stepped down from executive responsibilities and was appointed Group President in October 2017.
With an aim to transform L&T into a world-class conglomerate, Naik led a transformational process that enhanced shareholder value. Decades ago, he also started the process of indigenizing the manufacturing of critical equipment for the defense sector and process industries.
His efforts have led L&T to assume a leadership position in various fields including design, development and manufacturing of missiles and weapon systems. L&T was also able to forge a vibrant relationship with national bodies for defense research and development, and space research under his leadership.
Apart from these contributions, other landmark achievements with significant implications for the company and its stakeholders include the de-merger of the cement business.
His emphasis on HR and nurturing human capital has led to major initiatives to attract, retain and groom talent. He was also primarily responsible for the use of IT in L&T’s businesses as a major enabler.
Naik’s other responsibilities
He also served as the chairman of the National Skill Development Corporation from November 2018 to April 2022 on appointment by the Prime Minister of India.
He was also appointed co-leader of the India-Malaysia CEO Forum by the Ministry of Commerce and Industry, Government of India. He led the delegation of Indian industry to the 17th Congress of the World Energy Council in Houston in 1998.
In 2005, Naik participated in the 6th India-EU Business Summit in New Delhi. He has also been the co-chairman of the Indo-Russia CEO Forum and an active member of the Indo-Japan Business Leadership Forum.
Prior to joining Larsen & Toubro, Sen worked for 12 years for various companies such as Tata Steel, Jamshedpur, Development Consultants, Kolkata and was involved in a turnkey EPC transmission line project in Malaysia.
Personal life and academics
in my personal life, AM Naik Is committed to the community and has pledged 75% of its assets to social causes in the areas of healthcare, education and skill development. He is a Civil Engineering graduate from IIT Kharagpur and a Post Graduate in Business Management from XLRI, Jamshedpur.
Awards and achievements
AM Naik was awarded a Danish Knighthood by Her Majesty Queen Margrethe in 2008 and another honour, the Order of the Dannebrog – Knight First Class in 2015. He is also the Honorary Consul General of Denmark.
He was also awarded the Padma Vibhushan, one of India’s highest civilian honours, in 2019. In 2009, he was awarded the Padma Bhushan, a national honor presented by the President of India. In the same year, he also received the Gujarat Garima Puraskar from the Government of Gujarat.
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