L&T board reappoints AM Naik as non-executive chairman for three years
New Delhi: Engineering and construction giant Larsen & Toubro's board board has decided to reappointment of A M Naik as its non-executive chairman for a period of three years from October 1, 2020, the company said in a filing to the Bombay Stock Exchange (BSE).
Naik's present tenure is scheduled to end on September 30.
The board also approved an extension of the tenure of whole-time director Dip Kishore Sen.
"The Board of Directors at its meeting held on June 5, 2020, based on the recommendation of the Nomination and Remuneration Committee and subject to necessary approvals of the shareholders of the Company, has approved the ... proposals for re-appointment of Directors, whose present tenures are ending on September 30, 2020," L&T said.
Naik's three year extended term runs to September 30, 2023, while Dip Kishore Sen;s stint as whole-time director goes to April 7, 2023.
It was under A M Naik's leadership that L&T overcame multiple challenges and emerged stronger with a sharper focus on profitable growth. Media surveys and peer group assessments rank him as among the world's best performing business leaders, the conglomerate said.
Joining the company as a junior engineer in 1965, Naik rapidly rose to positions of increasing responsibilitcy 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 was the group executive Chairman of L&T from 2012 to 2017. In October 2017, he stepped aside from executive responsibilities, and was appointed group chairman.
"In pursuit of the mission to transform L&T into a world-class conglomerate, Naik led a transformational process that boosted shareholder value. His leadership has seen a remarkable increase across all parameters of business performance - market capitalisation, consolidated turnover and net worth. He also spearheaded the restructuring of the conglomerate to facilitate aggressive growth across a large revenue base," the company said.
Decades back, Naik kick-started the process of indigenising the manufacture of critical equipment for the defence sector and process industries. His efforts led to L&T assuming leadership position in the design, development and manufacture of missiles and weapon systems and forged a vibrant relationship with national bodies for defence research and development and space research.
Dip Kishore Sen is presently whole-time director and senior executive vice president (Infrastructure), Larsen & Toubro. He holds additional responsibilities as chairman on the boards of L&T Infrastructure Engineering Company and L&T Oman LLC and is also a member on the board of L&T Qatar LLC.
A civil engineering graduate from IIT Kharagpur and a post-graduate in Business Management from XLRI, Jamshedpur, prior to joining Larsen & Toubro, Sen worked for 12 years for a clutch of companies like Tata Steel, Jamshedpur, Development Consultants, Kolkata and was involved in a turnkey EPC Transmission line project in Malaysia.
He started his tenure at L&T in 1989 as Senior Manager (Civil & Structural Design) in EDRC Kolkata and has subsequently headed various portfolios.
