Larsen & Toubro has appointed K Venkataramanan as the Managing Director and CEO. According to the sources, AM Naik, currently the Chairman of the company will continue as Executive Chairman.
"Naik will help in completing the portfolio restructuring, institutionalising the IC structure, mentoring and developing the leadership team,"the company said.
It is believed that the board of directors of the company decided to bifurcate the role of Chairman and Managing Director into two positions at the board meeting.
He will take charge of the new position from April 1. Changes in the economic environment necessitated the company to undertake mid-term review of strategic plan, which is now under finalisation. In line with the company's vision to become an Indian multinational as also looking at the current competitive environment, it needs to develop leaders who will manage the company going forward.
