L&T appoints Venkataraman as CEO & MD; Naik to remain chairman

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In a long-awaited top management succession planning exercise, corporate giant Larsen and Toubro on Friday appointed K. Venkataraman as its CEO and managing director, while its current chief A.M. Naik would remain executive chairman for the next five years.

Naik currently holds the position of chairman and MD at the group, a major player in engineering, manufacturing, construction and a host of other businesses including technology and financial services.

The L&T's board of directors has decided to bifurcate the roles of chairman and managing director in a major top management rejig, which would become effective from April 1.

As per the new structure, Venkataraman would assume the position of chief executive officer and MD, while Naik would assume the post of executive chairman.

Krishnamurthi Venkataramanan is currently whole-time director and president (Hydrocarbon) and had joined L&T as a graduate engineer trainee in 1969. He was elevated to L&T Board in the year 1995.

"I am pleased that the board has appointed K. Venkataraman as CEO & MD. I have full confidence that under Venkataraman's leadership, L&T will continue on its growth path," Naik said.