Larsen & Toubro’s chairman emeritus A.M. Naik has decided to step down as chairman of LTIMindtree and L&T Technology Services (LTTS) at the end of the software services companies’ annual general meeting (AGM) on June 26, 2024. This marks Naik’s exit from the board of all the L&T Group companies.
The board of directors of LTIMindtree and L&T Technology Services appointed L&T chairman and managing director SN Subrahmanyan as chairman of the two services companies with effect from June 27, 2024. Subrahmanyan is currently serving as vice chairman of LTIMindtree and LTTS.
Naik 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.
“It is with immense pride and satisfaction, I reflect 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,” says Naik.
On LTTS, Naik says, “When I look back to our modest beginning of $60 million in annual revenues vis a vis LTTS’ current annual revenue run rate of $1.2 Billion. That I could steer this multifold value creation and be part of this exhilarating journey fills me with utmost content and gratitude towards LTTS’ 24,000 plus strong workforce.”
L&T forayed into IT in 1996 with L&T Information Technology to retain talented software engineers. It became L&T Infotech in FY02 and was rebranded as LTI in 2017, which clocked $2.1 billion in revenue in FY22. The company works in BFSI, manufacturing and energy sectors and employs over 45,000 people. In 2019, L&T acquired 61% stake in Bangalore-based Mindtree in a hostile takeover. The firm has strength in areas such as media and communication, CPG, retail and manufacturing. Both have now been merged to create LTIMindtree, an over $4.3 billion IT technology services company, the fifth-largest IT firm by market cap and sixth largest in terms of revenue in India.
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. Subrahmanyan was also instrumental in the acquisition of Mindtree in 2019 and then led the merger of L&T Infotech and Mindtree.
“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,” says Subrahmanyan.
L&T’s engineering research and development (ER&D) capability face around the globe is LTTS. Subrahmanyan acknowledged Naik’s efforts towards building India’s largest pure-play engineering R&D services company, LTTS. “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. I would humbly like to take up this responsibility and take forward LTTS’ legacy of constant innovation and technology leadership,” he says.
