Indian multinational conglomerate Larsen & Toubro (L&T) recently announced that its board has given nod for the reappointment of AM Naik as the company’s Non-Executive Chairman for a period of three years starting October 1,2020.
Naik’s present tenure was scheduled to end on September 30, according to a company regulatory filing. Meanwhile, the board also gave approval for extending the tenure of whole-time director Dip Kishore Sen.
“The board of directors at its meeting held on June 5, 2020, based on recommendation of the Nomination and Remuneration Committee and subject to necessary approvals of the shareholders of the company, has approved the…proposals for re-appointment of directors, whose present tenures are ending on Sept. 30, 2020,” L&T said.
The company said, “Dip Kishore Sen has been reappointed as a whole-time director with effect from October 1, 2020 and up to April 7, 2023.”
Joining the company as a junior engineer in 1965, Naik quickly rose through the ranks—from general manager to managing director and then chief executive officer—to be appointed at the chairman and managing director on Dec. 29, 2003.
He was L&T’s group executive chairman from 2012 to 2017. In October 2017, he stepped aside from executive responsibilities and was appointed group chairman.
