S N Subrahmanyan has been appointed as the chairman of LTIMindtree Ltd, a global technology consulting and digital solutions company within the L&T Group. This leadership change follows the announcement by A M Naik, the founder chairman, to step down at the conclusion of LTIMindtree’s 28th Annual General Meeting held on Wednesday. Effective June 27, 2024, S N Subrahmanyan, currently serving as vice chairman, will assume the role of chairman, a decision confirmed by the board of directors during the AGM.
A M Naik, who has been pivotal in shaping LTIMindtree into a global IT services leader, expressed pride in the company’s transformation under his leadership. Reflecting on his tenure, Naik stated, “I am privileged to have led this esteemed organization and laid the groundwork for its future growth and success. I am confident that under Subrahmanyan’s leadership, LTIMindtree will continue to prosper and achieve new milestones.”
Subrahmanyan, who joined the board of L&T Infotech in 2015 and was appointed vice chairman in 2017, played a crucial 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 board’s trust, stating, “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’s illustrious career at L&T spanned decades, starting as a junior engineer in 1965 and culminating in his role as chairman and managing director in 2003. His strategic focus on human capital development and leveraging IT for business growth has been widely recognized within the company. Naik’s contributions extend beyond corporate achievements; he served as chairman of the National Skill Development Corporation from November 2018 to April 2022 and chaired the board of governors at the Indian Institute of Management – Ahmedabad from 2012 to 2016. Committed to social causes, Naik has pledged 75% of his wealth towards healthcare, education, and skill development initiatives, earning him accolades such as the Padma Vibhushan in 2019, one of India’s highest civilian honors, along with the Gujarat Garima Award and Danish Knighthood for his exemplary service and leadership.
LTIMindtree reported a 1.2% 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% increase from Rs 8,691 crore in the corresponding period the previous year, as per a BSE filing. For the full financial year 2023-24, the company’s net profit rose by 4% to Rs 4,584.6 crore. Following the conclusion of the AGM, shares of LTIMindtree were trading at Rs 5,172.90 at 1 PM, up nearly 1% on the BSE.
