In a long-awaited top management succession planning exercise, corporate giant Larsen and Toubro on Friday appointed K Venkataramanan as CEO and managing director, while its current chief A M Naik would remain executive chairman for the next five years.
The L&T's board of directors has decided to bifurcate the roles of Chairman and Managing Director in a major top management rejig, which would become effective from April 1.
As per the new structure, Venkataramanan would assume the position of Chief Executive Officer and MD, while Naik would assume the post of executive chairman.
Krishnamurthi Venkataramanan is currently Whole-time Director and President (Hydrocarbon) and had joined L&T as a Graduate Engineer Trainee in 1969. He was elevated to L&T Board in the year 1995.
"I am pleased that the board has appointed K Venkataraman as CEO & MD. I have full confidence that under Venkataramanan's leadership, L&T will continue on its growth path," Naik said.
While Venkataramanan would be responsible for the businesses of L&T, Naik would focus on completing the portfolio restructuring, institutionalising the IC (Independent Company) structure, mentoring and developing the leadership team and future leaders, the group said.
Naik, a towering corporate leader of the country, had joined L&T as a Junior Engineer in 1965 and rapidly rose to senior positions -- moving from general manager to managing director and CEO, culminating in his appointment as chairman in December 2003.
L&T said it has undertaken an exercise, named 'Lakshya', to simplify its portfolio and has created 10
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