A M Naik Steps Down as LTIM, LTTS Chairman

Mumbai, Jun 26 (PTI) Veteran industry leader A M Naik on Wednesday stepped down as the chairman of L&T Group's information technology and engineering services arms, L&T Infotech Mindtree and L&T Technology Services, on Wednesday.

Naik, who has been with the engineering, procurement and construction major for over six decades and led the company through testing times, will not be on board of any Larsen and Toubro group companies from now on.

S N Subrahmanyan, who succeeded Naik to the chairmanship of the flagship L&T, has been appointed as the chairman of L&T Infotech Mindtree and L&T Technology Services at the annual general meeting of the listed arms on Wednesday.

Speaking with reporters here, Naik said he cannot breathe without L&T, and will continue to focus on some charity platforms and also heading the way employees trust which bravely fought to wrest control of the company against storeyed corporate houses and few decades ago.

Subrahmanyan said even if he is not holding the charge of chairman, Naik will continue to be the "chairman" for everybody at the diversified group and added that he will personally continue to seek the octogenarian's counsel on matters.

The departing executive said his exit from the chairmanships is an "important landmark" in the L&T Group's history, while Subrahmanyan called it a rare, epochal event.

Naik expressed satisfaction that he is leaving the companies in good health and with bright growth prospects. After a soft FY24 due to global headwinds, LTIM is looking forward to a better FY25, he said.

Subrahmanyan said there is no plan to merge the information technology and engineering services arms, and also added that there are no acquisitions being pursued by LTIM either.

The thrill is to grow the business organically, Subrahmanyan said, reminding all that this has been the group philosophy.

He said between LTIM and LTTS, they are working to deliver on USD 200 million of deal value on generative AI, and added that up to 50,000 engineers have been trained in the new age technologies.

To a question on the succession plans at LTIM, where the incumbent head Debasis Chatterjee's term is coming to an end in 2025, Naik said the company has not thought about it given the fact that over 15 months are yet to go for it.

Naik asserted that he sees no challenges on the leadership front in any of the companies.

"A M Naik has decided to step down as Chairman of LTIMindtree at the end of LTIMindtree's 28th AGM on 26th June 2024. The Board of Directors of LTIMindtree at its meeting held on June 26, 2024, have appointed S N Subrahmanyan, (Vice-Chairman), as Chairman with effect from June 27, 2024," LTIMindtree said.

In a release, the company further said the board highly appreciated Naik's unparalleled contribution to the company and recorded that his stewardship led to an upsurge in shareholder value creation.

"He constantly pushed the boundaries of what's possible by laying emphasis on technology, talent and innovation," the company said.

Naik said that he reflects "with immense pride and satisfaction" 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. From June 27, 2024, under Subrahmanyan's able leadership, I am sure LTIMindtree will continue to grow further and reach new pinnacles of success," Naik said.

SNS, as Subrahmanyan is popularly known, joined the Board of L&T Infotech on January 10, 2015. He was appointed as the Vice Chairman of L&T Infotech on May 4, 2017, and played a stellar role through his thoughtful guidance and constructive inputs in the growth of LTIMindtree, according to the company.

"He was also instrumental in the acquisition of Mindtree in 2019 and then led the merger of L&T Infotech and Mindtree," the company release said.