LTIMindtree & LTTS: Naik Steps Down, Subrahmanyan New Chairman

New Delhi, Jun 26 (PTI) Industry veteran A M Naik has decided to step down as Chairman of LTIMindtree as well as L&T Technology Services and S N Subrahmanyan will take over as Chairman in his place with effect from June 27, the two companies said in separate statements.

Naik, fondly known as AMN, 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 release.

"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.

Subrahmanyan said he is determined to take LTIMindtree's legacy of trust, customer focus, timely delivery, quality, people-centricity, and professionalism forward.

"First of all, I would like to acknowledge 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," Subrahmanyan said.

Additionally, Naik has also stepped down as Chairman of L&T Technology Services - another listed entity of the conglomerate.

A release by LTTS said: "A M Naik has decided to step down as Chairman of LTTS at the end of LTTS' 12th AGM on 26th June 2024. The Board of Directors of LTTS at its meeting held on June 26, 2024, has appointed S N Subrahmanyan, (Vice-Chairman), as Chairman with effect from June 27, 2024."

LTTS Board appreciated Naik's stellar contribution to the company and highlighted his astute technology leadership that facilitated LTTS filing close to 1,300 patents and his unmatched dedication towards ensuring LTTS remains India's number one pure-play engineering services company.

"It is with immense pride and satisfaction when I look back to our modest beginning of USD 60 million in annual revenues vis-a-vis LTTS' current annual revenue run rate of USD 1.2 billion. That I could steer this multi-fold value creation and be part of this exhilarating journey fills me with utmost content and gratitude towards LTTS' 24,000-plus strong workforce," he said.

LTTS is spearheading several cutting-edge technology tracks across verticals and industries, driving sustainable customer business successes, he noted.

"It is my firm belief that LTTS will continue to scale greater heights under the chairmanship of Subrahmanyan, to whom I am handing over the responsibility," he pointed out.

Subrahmanyan joined the Board of LTTS on January 10, 2015. He was appointed as the Vice Chairman of LTTS on May 3, 2017, and has been the catalyst in ensuring LTTS' growth momentum continues at a fast clip.

He has been instrumental in the multi-fold expansion of LTTS' truly global customer base and sharpening focus on markets, technology and core innovation.