LTIMindtree vice chairman SN Subrahmanyan will take over as chairman after AM Naik stepped down from the board, the company said on June 26. Subrahmanyan takes over on June 27.
As exclusively reported by Moneycontrol earlier in the day, Naik, Larsen & Toubro chairman emeritus, would also be stepping down as the non-executive chairman and member of the board of the conglomerate’s other technology company, L&T Technology Services Ltd (LTTS).
“Naik’s unparalleled contribution to the Company and recorded that his stewardship led to an upsurge in shareholder value creation. AMN, as he is popularly known, has been the Founder Chairman of the company and the architect of the transformation of LTIMindtree into a sharply focused global conglomerate with dominance in the sectors in which it operates,” the company said in a statement.
“He constantly pushed the boundaries of what’s possible by laying emphasis on technology, talent and innovation.”
Infrastructure veteran Naik is credited with thwarting two well-storied attempts at hostile takeover of L&T. He led the creation of the Larsen & Toubro Employee Trust (LTET), the single largest shareholder of the company. He was also instrumental in L&T’s many diversifications and even exit from some non-core businesses.
In a statement, Naik said, “It is with immense pride and satisfaction, I reflect on the journey from the initial days of L&T Infotech to the IT services behemoth that LTIMindtree has become today. I feel privileged to have not only led such a great organisation but also laid the foundation for future growth and success.”
SNS, as Subrahmanyan is popularly known, joined the Board of L&T Infotech on January 10, 2015, and was made the vice chairman on May 4, 2017.
“SNS has played a stellar role through his thoughtful guidance and constructive inputs in the growth of LTIMindtree. He was also instrumental in the acquisition of Mindtree in 2019 and then led the merger of L&T Infotech and Mindtree,” the company said.
Subrahmanyan added, “First of all, I would like to acknowledge Mr. Naik’s efforts towards building this IT giant within the L&T Group. What he has done is humongous and simply outstanding. I would like to express my sincere gratitude to him and the Board for reposing trust in me and appointing me as the Chairman.”
“I would humbly like to take up this responsibility and take LTIMindtree’ legacy of trust, customer focus, timely delivery, quality, people centricity, and professionalism forward,” he said.
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