Larsen & Toubro, an Indian multinational engaged in technology, engineering and construction sector, said SN Subrahmanyan has taken over as its new chief executive and managing director from July 1.
Subrahmanyan was earlier the deputy managing director and president of the company.
His elevation comes following the decision taken at the board meeting held on April 7. The board also requested AM Naik, Group Executive Chairman, L&T, to provide guidance and mentorship to the company’s leadership subsequent to his current term.
Consequently Naik will continue as non-executive chairman of the company for a period of three years effective October 1, 2017.
On the appointment, Naik said: "Subrahmanyan is the finest among the many top executives I have mentored over the last few years. Three years ago he was identified as the most likely leader to take on the role of CEO and Managing Director. Since then I have worked closely with him and engaged him in all aspects of L&T’s operations, going beyond his core domains of infrastructure and construction."
Subrahmanyan joined the construction business of L&T in 1984 as a project planning engineer after completing a degree in civil engineering and post-graduation in business management, said the company in a statement.
His ability to develop innovative solutions in the construction and infrastructure space has seen him rise rapidly up the leadership rungs of the company.
He successfully helmed L&T’s largest infrastructure projects including new airports in major cities, metro, and freight corridor projects across India and expansion of operations in international geographies.
The company's construction business has grown multifold under his leadership to rank among the top 25 global contractors and by far the largest EPC player in the country. In 2011, Subrahmanyan was inducted into the L&T Board.
Subrahmanyan, he stated, has a great work ethic and business acumen to take L&T to greater heights in the future.
"I have full confidence that under him L&T will remain steadfast to its core values, fulfill the expectations of our stakeholders and continue to play a key role in building a stronger India," stated Naik.
On his new role, Subrahmanyan said: "This is indeed high honour and immense responsibility. I am truly blessed and count myself very fortunate. L&T is a flag bearer for Indian industry and is the builder of the India of tomorrow."
"I am very grateful to Naik for his guidance and will try my best to live up to his expectations in taking this great company forward into the future. I look forward to jointly writing a new chapter for L&T along with our high caliber employees while ensuring that we continue to deliver value to our stakeholders. I am humbled and at the same time excited and confident to be at this new role," he added.