Larsen & Toubro (L&T) non-executive chairman AM Naik will step down from his post on September 30, 2023, after more than five decades with the Indian company. The firm's CEO and MD, SN Subrahmanyan, will replace him, assuming the position of chairman and managing director from October 1, 2023. During his tenure, Naik helped L&T move into other business areas such as IT and technology services, and financial services, and steered it through a period of significant growth, with considerable increases in both revenue and market cap.