ECC News, April - June 2017 1 I Hope to Live up to the Confidence That You Have Put in Place with Me

ECC News, April - June 2017 1 I HOPE TO LIVE UP TO THE CONFIDENCE THAT YOU HAVE PUT IN PLACE WITH ME amazing qualities of making use of It’s fortunate today for me that out of forward in digital, smart world, defence, special company. It has been a leader in and unimaginable. All I can say is thank every working minute to make every day others you have chosen me to step into etc. It’s a very special company and you technologies. It has done unique projects you very much for having reposed your meaningful towards the organisation’s the new role as CEO & MD of L&T. It is have correctly coined the statement that & makes unique products. trust and faith on me. I have absolutely no growth is a superb way towards creating not only inheriting the great set of assets, “We make things that make India doubt that your active mentorship across We been in existence for over 79 years. value. many of which have been created by you, proud”. the last decade and more has resulted in Since the time we have gone public, but a great brand and a terrific feeling me being what I am today and many of You have taken Larsen & Toubro from a The value systems that have been we have paid dividends every year. Each that I will be working with a fantastic set your facets, habits and positivity, to the good engineering company to one of the continuously stressed and laid great year’s dividend amount being higher of colleagues, peers and stakeholders. I extent I can, I have imbibed. I hope to live largest EPC manufacturing companies emphasis on, will be taken forward. We than the previous. We have made a big am just humbled and at the same time up to the confidence that you have put in which also provides the services in the have a supportive board, great colleagues difference to India and to some extent in excited and confident to be in this role in place with me. fields of IT, Finance and Real Estate. and a fantastic team to work with and I certain other parts of the world like the L&T. The growth in sales, profitability and will do my best to take them all together. Middle East. My father would have been very happy shareholder value have been so immense As is known, you have strengthened the We will focus on making a company that had he been alive today. I would like to With our foray into digital, smart and humongous that I doubt that anybody portfolios and had the courage to change is independent, professional and that thank my mother who is here today, first world and defence, we are poised to else at L&T would ever be able to do that the organisation from what it was to a delivers shareholder value. That you are time visiting this campus, my wife and my do many more unique projects which again. It has been path breaking and awe brand that is internationally recognised. there to guide us is a source of great children who stood by me through thick will be transformational. These are not inspiring. You have done the impossible. You have networked remarkably and comfort. and thin. Without their untiring support I incremental but major changes which Probably to repeat the same would be a have taken some exceedingly bold would not have become what I am today. I had the good fortune and an early will make the company future oriented. huge task. decisions. We are at a much better opportunity to work with such fantastic We tend to get into the things that are I thank all of you for your valuable position as a company today as a result The huge emphasis that you have placed people like CRR, AR and KVR. AR, for required from the perspective of the support, love and affection as I take over Respected Group Executive Chairman, of many of these. Our stock price is at on HR, talent recruitment and training has one, would have been very happy had country’s growth. this huge responsibility and look forward Mr AM Naik, Mrs Naik, respected Mr one of its highest and the path forward Gurumurthy, beloved Mr & Mrs KVR, my brought about a big cultural change within he been alive today as I spent about 10 to the continued cooperation in my of transformation is full of opportunities You have, in me and most others here, a colleagues, dear L&T-ites, who are present ourselves and it’s a major underestimate years directly reporting to him. Am happy endeavour to serve and fulfil the vision of and positivity. There are some short term bunch of very hungry people who respect here and other who are witnessing if somebody has not understood the that Mrs AR is gracing this occasion. I am our company. things to be done towards restructuring L&T’s culture and tradition and wanting to this event across the world, ladies and tremendous value it has brought into the thankful to KVR for having personally and to get more focussed towards the long innovate and do much more in the short I pray to God to give us all the blessings gentlemen. company. I can go on sir, trust formation, flown down from Seattle to be present term outlook of growing the business and period of life ahead of us. This is a critical Employee Stock options … at this occasion. KVR has had a direct and strength to move this great and thereby looking towards the futuristic way time in our life. It has been an amazing journey that influence on me over the last 2 decades fantastic organisation forward. started more than three decades ago. I or so. He has played a major role in many As an organisation we have huge had the privilege of directly interacting of the developmental and major projects capability to make an impact and we Finally, I am not going anywhere, with GEC about 10 years back when he, WE WILL CONTINUE TO MAKE DECISIONS TO that I was involved with. His ability to will do that. We will continue to make just adding some more work on my during the later stages of the Bangalore be on the right side and look at life in decisions to prioritise our portfolio and shoulders. If you thought you have International Airport, specifically drove PRIORITISE OUR PORTFOLIO AND ALLOCATE CAPITAL AS a true perspective of a middle path in allocate capital as is required to accelerate seen the last of me, you are very over the new flyover that we had built IS REQUIRED TO ACCELERATE GROWTH AND RETURNS. almost all matters, made you to modulate growth and returns. We will continue to much mistaken! All the very best to into the airport to attend the opening WE WILL CONTINUE TO LOOK AT TALENT AND PUT yourself to look at the bigger picture and look at talent and put them at the right each one of you! ceremony. THEM AT THE RIGHT PLACES TO DRIVE OUR STRATEGY to follow harmony as a way forward in places to drive our strategy to meet our organisational workings. That was a great Thank You. It has been an incredible learning from Lakshya targets and beyond and to drive TO MEET OUR LAKSHYA TARGETS AND BEYOND AND learning for me. you Sir about the passion, commitment, growth in a fast and tough market. S.N. Subrahmanyan involvement, engagement and devotion TO DRIVE GROWTH IN A FAST AND TOUGH MARKET. I come into this role fully aware of the fact There is no praise that is sufficient to state CEO & MD which one can bring to the job. Your that L&T is a national company. It is a very what you have done Sir. It is unparalleled Larsen & Toubro This is the transcript of SNS’s acceptance speech delivered both in Mumbai and Chennai when taking over as CEO & MD, L&T. 2 ECC News, April - June 2017 ECC News, April - June 2017 3 from the CRR Centre and to the sound of nadhaswarams, a puja was performed after which they, along with other senior executives and their spouses, were ferried in elegantly decorated golf carts to the Convention Centre. The tone for the afternoon’s function that was webcast to over 1,000 locations across the globe and watched by 20,000+ employees, was set with a film titled ‘Living the Change’. Change is a constant but it requires a special kind of talent to alter the pace, face and tenor of change and the film very adeptly traced the sterling role played by AMN in shaping the fortunes of L&T, his identification of SNS as his able successor and SNS’s wonderful contribution hitherto. Once the curtain was rung down on the film, the audience gave AMN a standing ovation. ‘Welcome CEO & MD L&T’ was the message This congratulatory morning had been preceded by elaborate celebrations the on placards held by a group of youngsters previous day. Employees were welcomed that greeted Mr. S N Subrahmanyan when he on the morning of June 30th by large, decorative arches straddling the main arrived early on the morning of July 1st, 2017 gate pronouncing the event which was to ‘Celebrate SNS as CEO’. Other to assume the office of Chief Executive Officer hoardings and banners at strategic & Managing Director, Larsen & Toubro. He then locations, decorations, flags and finally a red carpet from the CCR Centre to the walked the red carpet to his office that did not Main Hall Convention Centre lent cheer show too many changes although its occupant and a festive air to the 23-acre green Manapakkam campus.

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