Larsen & Toubro’s group executive chairman AM Naik has finally named his successor. Addressing the company’s 71st annual general meeting, Naik for the first time mentioned that L&T’s deputy managing director and president S N Subrahmanyan will be his successor once he retires on September 30, 2017.

The first move towards putting in place a succession plan by the company was made in September 2015, when its board elevated Subrahmanyan as deputy managing director and president with effect from October 1, 2015.

Before that he held the post of senior executive vice-president and had been on the board since 2011. The appointment of Subrahmanyan had then come with the then chief executive and managing director KV Venkataramanan retiring.However, Subrahmanyan was not made the CEO and MD like Venkataramanan as Naik had then said that since he was the group executive chairman, a CEO and MD was not required.

L&T had in April 2012 split the post of chairman and managing director with Naik becoming group executive chairman and continuing to hold executive powers. Venkataramanan, the then whole-time director and president of the hydrocarbon business, was elevated as CEO and MD. Naik had been appointed chairman and managing director in 2003 but since 2012, Venkataramanan has been looking after the company’s day-to-day business.

Naik had been appointed chairman and managing director in 2003 but since 2012, Venkataramanan has been looking after the company’s day-to-day business.