 "A M Naik, group executive chairman of Larsen & Toubro, speaks during an interview with Reuters in Mumbai")
According to institute sources, a four-member search committee, headed by Naik, comprising other board members — Sanjay Lalbhai (CMD, Arvind Ltd), Pankaj Patel (CMD, Cadila Healthcare Ltd) and D Shivakumar (Chairman & CEO, India Region, Pepsico India Holdings) — has been set up.
IIM-A, in an official communique, said Naik would continue in the position till a new chairman is identified. The search committee is likely to come up with shortlisted candidates within three months, it has been learnt. While a revised memorandum of association (MoA) empowers IIM-A's Board to set up a search committee and come up with names of potential candidates, institute sources said the final appointment would be made by the ministry of human resource and development (MHRD).
In his resignation letter to the ministry, Naik had cited time constraints as the reason for his decision. In 2012, Naik took over from Vijaypat Singhania of Raymond Group as chairman for a three-year term, and was re-appointed for another three years early this year. During his first tenure, Naik had been instrumental in brining Harvard Law School's Ashish Nanda to IIM-A as its first overseas director. Later, Naik also played a key role in bringing another senior Harvard faculty Srikant Datar on IIM-A’s Board.
Meanwhile, commenting on Naik’s resignation, Nanda said, “Mr. Naik initiated many exciting initiatives at IIM-A and has been a bulwark of support and encouragement to the institute. We are grateful for his stewardship and appreciative of his legacy.”
