End of an era: AM Naik steps down as L&T Group chairman after 20 years at helm

livemint.com:

continue as the chairman of Larsen & Toubro Employee Trust (LTET), the company's largest stakeholder. Naik had played a key role in the trust's formation in 2003, in what analysts describe as a bid to prevent the company's hostile takeover.

Notably, Naik has served the company for more than 58 years. He joined L&T in 1965 as a junior engineer, and went on to become its managing director and chief executive officer in 1999, and chairman in 2003.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, L&T said in a statement.

Naik, in recent interviews, has suggested that his focus will be on philanthropic initiatives in the period to come. The industry veteran has been serving society through the Naik Charitable Trust, which provides education and skill-development training to the underprivileged, and the Nirali Memorial Medical Trust that helps in providing access to super specialty healthcare at subsidised cost to the needy sections of society.