Construction and engineering major Larsen &Toubro (L&T) appoints K Venkataramanan as the new Chief Executive Officer (CEO) and Managing Director (MD). AM Naik, the present Chairman and MD, will continue to be the executive chairman of the Group.
The changes in the top management will take effect from April 1, 2012, the company said in a release filed with the Bombay Stock Exchange (BSE).
According to the release, in the Board meeting held today, L&T's Board of Directors decided to bifurcate the role of the Chairman and MD in two positions.
Venkataramanan is the whole-time director and president of the Hydrocarbon unit. He has been with the company since 1969.
Venkataramanan is a Chemical Engineering graduate from Indian Institute of Technology (IIT) Delhi and joined the company as a graduate engineer trainee. He was elevated to the Board of the company as a whole-time director in 1995.
At 10:57 am, the shares of the company rose by 5% trading at Rs 1,299 apiece on the BSE.