AM Naik stepped down as Larsen & Toubro’s chairman on Saturday. Naik, who joined L&T in 1965 as a junior engineer, worked with the company for nearly three decades
Naik handed over the reins to S N Subrahmanyan and will now be chairman of IT companies and employee trusts.
Hailing from a family of teachers in Gujarat, Naik helped the company set up an engineering and manufacturing facility in Hazira and set up the company’s employees’ trust. Between 2005 and 2015, he articulated earlier, paid off with the growth of L&T’s IT and Technology Services business.
Naik will now focus on philanthropy, including Naik Charitable Trust, which focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust, dedicated to facilitating healthcare at subsidized cost. The company stated that in FY 2021-22, Naik spent ₹142 crore on philanthropy.