S N Subrahmanyan appointed chairman of LTIMindtree as A M Naik steps down

L&T Infotech and Mindtree officially merged in 2019, with A M Naik serving as its founder chairman.

S N Subrahmanyan has been appointed chairman of LTIMindtree Ltd, a global technology consulting and digital solutions company within the L&T Group. This change comes as A M Naik, the founder chairman, announced his decision to step down at the conclusion of LTIMindtree's 28th Annual General Meeting held on Wednesday.

S N Subrahmanyan, currently serving as vice chairman, will assume the role of chairman effective June 27, 2024. His appointment was confirmed by the board of directors during the AGM.

A M Naik, who has been instrumental in shaping LTIMindtree into a global leader in IT services, expressed his pride in the company's transformation under his stewardship. Reflecting on his tenure, Naik remarked, "I am privileged to have led this great organisation and laid the foundation for its future growth and success. I am confident that under Subrahmanyan's leadership, LTIMindtree will continue to thrive and achieve new milestones."

 

Subrahmanyan, who joined the board of L&T Infotech in 2015 and was appointed vice chairman in 2017, played a pivotal role in the acquisition of Mindtree in 2019 and subsequently led the merger of L&T Infotech and Mindtree.

In response to his appointment as chairman, Subrahmanyan acknowledged Naik's contributions and expressed gratitude for the trust placed in him by the board.

He said, "I humbly accept this responsibility and am committed to upholding LTIMindtree's legacy of trust, customer focus, timely delivery, quality, people centricity, and professionalism."

A M Naik

A M Naik's career at L&T spanned several decades. Starting as a junior engineer in 1965, Naik held various leadership roles before becoming chairman and managing director in 2003. His emphasis on human capital development and strategic use of IT as an enabler for business growth have been widely recognised within the company.

Naik also served as chairman of the National Skill Development Corporation from November 2018 to April 2022 by the Government of India, and chairman of the board of governors at the Indian Institute of Management – Ahmedabad from 2012 to 2016.

Beyond his corporate achievements, A M Naik has been actively involved in social causes, pledging 75 per cent of his wealth towards healthcare, education, and skill development initiatives, according to his L&T profile.

His contributions to society were honoured with the Padma Vibhushan, one of India's highest civilian awards, in 2019. Additionally, he received the Gujarat Garima Award and Danish Knighthood for his exemplary service and leadership.

LTIMindtree reported a 1.2 per cent decline in consolidated net profit, amounting to Rs 1,100.7 crore for the March quarter (Q4FY24). Revenue from operations reached Rs 8,892.9 crore in the fourth quarter of FY24, marking a 2.32 per cent increase from Rs 8,691 crore in the same period the previous year, as stated in a BSE filing. For the full financial year 2023-24, the IT company's net profit rose by 4 per cent to Rs 4,584.6 crore.

Shares of LTIMindtree were trading at Rs 5,172.90 at 1 PM, up nearly 1 per cent, on the BSE, following the conclusion of the AGM.