L&T Sets Succession Plan Rolling
Engineering giant Larsen & Toubro (L&T) has set its succession plan rolling by elevating S N Subrahmanyanas deputy managing director (MD) and president from October 1. This also means that L&T will not have an MD & CEO after K Venkataramanan retires at the end of this month. However, the new position makes Subrahmanyan, popularly known as SNS, the second-in-command to executive chairman A M Naik who is scheduled to retire two years later. Subrahmanyan, 54, currently heads the company’s mainstay EPC (engineering, procurement and construction) business that garners about 70 per cent of the revenue. He was for long speculated to be the next CEO and is widely considered as among the serious contenders to replace Naik who got a five-year extension in 2012.