Mumbai (Maharashtra) [India], June 26 : AM Naik has announced his decision to step down as Chairman of the company at the end of Larsen & Toubro Technology Services (LTTS)'s 12th Annual General Meeting (AGM) on June 26.
According to a press release, the Board of Directors of LTTS, in a meeting held on the same day, appointed SN Subrahmanyan, the current Vice-Chairman, as the new Chairman, effective from June 27.
Naik's tenure at LTTS is marked by leadership and monumental achievements. Widely known as AMN, he has been the driving force behind LTTS's ascent to becoming India's leading pure-play engineering services company.
His strategic foresight has helped the company file nearly 1300 patents, showcasing LTTS's commitment to innovation and technological advancement.
Reflecting on his journey, Naik stated, "It is with immense pride and satisfaction when I look back to our modest beginning of USD 60 Million in annual revenues vis a vis LTTS' current annual revenue run rate of USD 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' 24000 plus strong workforce."
He added, "LTTS is spearheading several cutting-edge technology tracks across verticals and industries, driving sustainable customer business successes. It is my firm belief that LTTS will continue to scale greater heights under the chairmanship of Mr. Subrahmanyan, to whom I am handing over the responsibility."
AM Naik, as the Founder Chairman, has consistently emphasised leveraging technology to scale future opportunities and create a sustainable world for LTTS's clientele.
His leadership has not only fortified the company's market position but also set a strong foundation for continued growth and innovation.
SN Subrahmanyan, often referred to as SNS, joined the Board of LTTS on January 10, 2015, and was appointed Vice Chairman on May 3, 2017.
SNS's engineering background and determined attitude have been pivotal in maintaining LTTS's robust growth trajectory.
Under his guidance, LTTS has expanded its global customer base and sharpened its focus on markets, technology, and core innovation.
Expressing his gratitude, Subrahmanyan said, "First of all, I would like to acknowledge Mr. 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."
He added, "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. LTTS lives and breathes engineering and that is what we will continue to do".
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