AM Naik, the non-executive chairman of L&T Technology Services will step down. S N Subrahmanyan, currently serving as the non-executive vice chairman, is set to take over the leadership from June 27, 2024.

What Happened: As per an exchange filing, Naik will relinquish his office after the company’s 12th Annual General Meeting scheduled for June 26, 2024. The Board of Directors has approved the appointment of Subrahmanyan as the chairman of the company effective from June 27, 2024. With this, L&T veteran Naik has exited the boards of all L&T Group companies.

The Board acknowledged Naik’s invaluable contributions, including his astute leadership, constructive input, and thoughtful guidance during his tenure as Chairman. Naik, fondly known as AMN, is the founder chairman of the company and has played a pivotal role in its growth, including the filing of nearly 1300 patents.

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Subrahmanyan, known as SNS, joined the Board of LTTS on January 10, 2015, and was appointed as the vice chairman on May 3, 2017. He has been instrumental in the company’s growth and the expansion of its global customer base.

This leadership change comes as part of the larger transition within the L&T group. Naik’s decision to step down follows a similar move he made at LTIMindtree, where he also served as the non-executive chairman dated June 26, 2024, Naik stepped down after the company's 28th annual general meeting, with Subrahmanyan set to succeed him there as well.

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