India’s largest private engineering company Larsen & Toubro appointed K Venkataramanan as the managing director and CEO. According to the company’s stock exchange filings, AM Naik, currently the chairman of the company, will continue as executive chairman.

“The board of directors of the company decided to bifurcate the role of chairman and managing director into two positions at the board meeting held today,” the company release said.

Venkataramanan started his engineering career with L&T and has been a whole time director until now. He will take charge of the new position from April 1.

According to L&T, the appointment comes after it decided to simplify its portfolio of companies by segregating and forming 10 independent companies (ICs) and seven subsidiaries.

“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,” the release said.

To help company transform, AM Naik will continue to be an executive chairman for a period of five years. “Naik will help in completing the portfolio restructuring, institutionalising the IC structure, mentoring and developing the leadership team,” the company said.

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