A. M. Naik, chairperson of Larsen & Toubro Group stepped down from the post on Saturday. The 81-year-old handed over the reins of the USD 23 billion conglomerate to S. N. Subrahmanyan at an event in Mumbai, reported PTI.
Naik will be the chairperson of the employees trust. He has played a significant role in the formation of the trust in 2003. For around six decades, Naik had remained the chairperson of the company.
He joined L&T in 1965 as a junior engineer and became the CEO of the company in 1999. He became the chairman in 2003.
According to a statement issued by L&T, he will be focusing on increasing many philanthropic initiatives that he has been undertaking for the past few years.
India Post also unveiled a postage stamp on Naik on the occasion.
In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, the statement said.
Naik's attention going forward will be on his philanthropic initiatives, including the Naik Charitable Trust which focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust dedicated to facilitating super speciality healthcare at subsidised cost, read the statement.
(With PTI inputs)