A M Naik Steps Down as Chairman of L&T Group

In a significant development, Mr. A M Naik has formally announced his decision to step down as the Chairman of Larsen & Toubro (L&T) Group, one of India's leading engineering conglomerates. Mr. Naik's departure marks the end of an era, as he has been a stalwart figure in the Indian business landscape for decades.

Mr. A M Naik, who has been associated with L&T for over five decades, has played a pivotal role in the company's growth and transformation into a global engineering and construction giant. His leadership and strategic vision have been instrumental in shaping the company's success and its expansion into diverse sectors, including infrastructure, technology, and defense.

Key highlights of the announcement:

1. Resignation: Mr. A M Naik has formally submitted his resignation as the Chairman of L&T Group. The decision was conveyed to the Board of Directors during a board meeting held earlier today.

2. Legacy: Under Mr. Naik's leadership, L&T Group achieved numerous milestones, including significant growth in revenue and market capitalization. His leadership has been marked by a commitment to innovation, sustainability, and excellence in engineering and construction.

3. Succession Planning: The Board of Directors at L&T Group has initiated the process of appointing a new Chairman. The selection process will adhere to established corporate governance norms and ensure a smooth transition of leadership.

4. Future Role: While stepping down from his role as Chairman, Mr. A M Naik has expressed his intent to continue serving the company in an advisory capacity. His invaluable experience and insights will remain accessible to the company as it navigates the challenges and opportunities of the future.

5. Recognition: Mr. Naik's contributions to the Indian business community have been widely recognized, and he has received several awards and honors throughout his career. He leaves behind a legacy of leadership and excellence.

Mr. Naik's decision to step down from the role of Chairman comes at a time when L&T Group is poised for further expansion and diversification in an ever-evolving business landscape. The company will now enter a new chapter under the leadership of a new Chairman, who will be tasked with steering the conglomerate toward its future goals and ambitions.

As the L&T Group embarks on this transition, industry observers, shareholders, and stakeholders will be closely monitoring developments surrounding the appointment of the new Chairman and the strategic direction the company takes in the post-A M Naik era.