Larsen & Toubro has appointed whole time director K Venkataramanan as its chief executive officer and managing director with effect from 1 April 2012, even as the current chairman and MD A M Naik will continue as executive chairman of the engineering giant.
The L&T board also approved the elevation of Shailendra Roy, who is currently senior vice president – power development business, corporate affairs and corporate initiatives, as a whole-time director, with immediate effect. He is also a member of the executive management committee of the company. This induction is part of L&T's succession plan.
The board of directors of Larsen & Toubro at its meeting today decided to bifurcate the role of chairman and managing director into two positions. It was decided to appoint K Venkataramanan as CEO and MD with effect from 1 April 2012 while A M Naik will continue as executive chairman of the group, the company said in a filing with the Bombay Stock Exchange (BSE).
Venkataramanan, a graduate in chemical engineering from IIT (Delhi), joined L&T as a graduate engineer trainee and was elevated to the board of the company as a whole-time director in 1995. He has won many national and international accolades, and is a well-known figure in science, technology and business circles.
''I am pleased that the board has appointed K Venkataramanan as CEO & MD. I have full confidence that under Mr Venkataramanan's leadership, L&T will continue on its growth path,'' A M Naik said commenting on the board's decision.
L&T is currently undergoing a metamorphosis, which would result in the creation of 10 independent companies and seven subsidiaries, bringing focus, autonomy and accountability to the group, the company said, adding it has engaged the services of global strategy firms for the changeover.