A.M. Naik refuted claims of a merger between LTTS and LTI Mindtree at the most recent AGM of LTI Mindtree and also disputed the necessity of any group leadership changes. Naik, who resigned as non-executive chairman of Larsen & Toubro, has handed the reins to S.N. Subrahmanyan, the new chairman. Naik has also stepped down from the boards of two technology businesses, LTI Mindtree and LTTS.
Naik made it clear during the AGM that the company or its businesses do not immediately need changes in leadership. He announced that Debashis Chatterjee will remain LTI Mindtree’s CEO for the next eighteen months.
No Merger Between LTI Mindtree and LTTS
Though these were dismissed during the AGM, market rumors regarding a prospective merger between LTTS and LTI Mindtree persisted. There is not much talk of combining the two businesses right now.
Focus on Engineering
Larsen & Toubro will continue to focus independently on engineering. Naik mentioned that the organization has 20,000 engineers working in several IT and ITES divisions overall.
Confidence in Economic Development and Company Performance
Naik expressed hope for the company’s expansion as well as for the state of the economy, pointing to rising discretionary expenditure as evidence of good times.
Commitment to Employees
Naik emphasized that the corporation has kept its promises to its staff. He also made it clear that all the shares acquired via stock options had been given to charity.