An ill-planned succession can be a risk to business continuity and value creation. At India’s largest engineering and construction conglomerate, Larsen & Toubro,a smooth handover has been in the works for the last two years. Group chairman AM Naik isn’t waiting till October,when he retires,to anoint his successor SN Subrahmanyan as CEO.
In July, Subrahmanyan takes over as CEO.
Naik told Moneycontrol in an exclusive interview that the roadmap was put in place two years ago, when SNS (as he is known within the company), was identified as Naik’s successor.
Rather than throw him in at the deep end in October, Naik has been systematically handing businesses over to his successor. Eighteen months ago, Subrahmanyan was brought on the board of L&T Infotech and the L&T Technology Services, both of which were overseen by Naik until recently. Read More…