L&T – India’s leading diversified conglomerate and a with interests in infrastructure, engineering, manufacturing, construction, technology and financial services – has announcement changes in its top management structure. The board of directors have decided to bifurcate the roles of Chairman and Managing Director, effective from April 1.
As per the new structure, Krishnamurthi Venkataraman has been appointed as the Chief Executive Officer and MD, while the present Chairman & MD, AM Naik, would be the Executive Chairman.
K. Venkataramanan, in his new role will be responsible for the businesses of the company. A.M. Naik will focus on completing the portfolio restructuring, institutionalizing the IC (Independent Company) structure, mentoring and developing the leadership team and future leaders to face the global challenges.
Mr. K. Venkataramanan, a Chemical Engineering Graduate from IIT (Delhi), joined L&T as a Graduate Engineer Trainee and was elevated to the Board of the Company as a Wholetime Director in the year 1995. He has won many national and international accolades, viz. Honorary Fellow of IChemE, U.K., Honorary Doctorate in Project Management, distinguished Alumni of IIT, Delhi, to name a few. He is an excellent leader and is very well-known in science, technology and business circles. He is an active sportsman who still plays tennis and badminton regularly and cricket occasionally.
While commenting on the Board’s decision, Mr. A. M. Naik stated, “I am pleased that the Board has appointed Mr. K. Venkataramanan as CEO & MD. I have full confidence that under Mr. Venkataramanan’s leadership, L&T will continue on its growth path”
L&T Business Re-Organisation Initiative:
L&T undertook the journey of “LAKSHYA” to simplify its portfolio and created 10 Independent Companies (ICs) and 7 Subsidiaries with a view to bringing focus, autonomy and accountability and had engaged the services of the global strategy firms for the same. While the journey is already on, changes in the economic environment necessitated the company to undertake a Mid-Term Review of Strategic Plan, which is now under finalization. In line with the vision of the company to become an Indian Multinational as also looking at the current global competitive environment, it needs to develop leaders who will manage the Company, going forward.
In view of the above transformation phase that L&T is going through, the Board decided that there is a need for continuity and accordingly requested Mr.A.M.Naik, to continue for a period of 5 years as Executive Chairman of the Group.
Mr. Shailendra Roy Elevated to L&T Board
The Board of Directors of Larsen & Toubro (L&T) approved the elevation of Mr. Shailendra Roy as a Whole-time Director, with immediate effect – March 9, 2012. Mr. Roy is currently Sr. Vice President – Power Development Business, Corporate Affairs & Corporate Initiatives. He is also a Member of the Executive Management Committee of the Company. This induction is part of L&T’s succession plan.
Mr. Roy, 59, holds a Bachelor of Technology degree, and started his career in 1975 as an Engineer with
Bharat Heavy Electricals Limited’s (BHEL) manufacturing unit at Haridwar.
Before joining L&T, he was Managing Director & CEO of Bharat Heavy Plates & Vessels Ltd. (BHPV) from 2002 to 2004