New Delhi: Larsen and Toubro Ltd (L&T) on Friday appointed current deputy managing director and president S.N. Subrahmanyan as managing director and chief executive officer, heralding the first change of guard in 18 years at the top of India’s largest engineering and construction firm. As part of this five-year strategic plan, L&T also expects to expand margins by 100-120 basis points to 11.2% and improve return on equity by 6 percentage points to 18%. Naik joined the company in 1965, was named managing director and CEO in 1999 and nominated as chairman in 2003. In 2012, L&T split the role of chairman and managing director, elevating Naik as executive chairman; K. Venkataramanan took over as managing director and CEO.

Source: Mint April 07, 2017 15:29 UTC