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    L&T rejigs board roles as a director will retire

    Synopsis

    Shailendra Roy, senior executive vice-president and director for power and corporate affairs, will be superannuated after eight years on the board of the $21-billion conglomerate.

    Wikipedia
    MUMBAI: Larsen & Toubro has rejigged board roles by giving additional responsibility of corporate affairs to Managing Director SN Subrahmanyan and by making hydrocarbon business head Subramanian Sarma responsible for the power business as well, as the director representing both roles is due to retire on Tuesday, according to company sources.

    Shailendra Roy, senior executive vice president and director for power and corporate affairs will be superannuated after a stint of eight years on the board of directors of the $ 21 billion-conglomerate. His role at the board level will be divided between two directors for now, with Sarma becoming director of the entire energy business.

    L&T also appointed Derek M Shah as executive vice president and head of the power independent company, the company said in an internal circular that ET has a copy of. Shah will also be chairing the boards of the two joint ventures of L&T with Mitsubishi Hitachi Power Systems and Mitsubishi Electric Corporation for manufacture of critical equipment for thermal power plants-- boilers and turbines. Prior to this, he was executive vice president and head of the coal power plant business of the power IC.

    “As a policy, we do not comment on such queries. We will duly communicate decisions, if any, through authorized channels,” L&T said in a response to a detailed email equery from ET.

    Roy, who held several positions of responsibility across the organization leading up to his induction on the board of L&T in March 2012, is believed to be in talks with the government for an advisory role. When ET reached out to Roy, he declined to comment, but added “I will be doing something where I can use my decades of experience for the nation.”

    Roy started his career with the state-run BHEL, and then did two stints with L&T, including the current one after he rejoined in 2004.

    According to company sources, L&T is currently working on a plan to induct at least one new member on the board and has shortlisted two internal candidates for the same.

    L&T divided its businesses into independent companies with its umbrella, with each of these companies having its own board and executive committee to streamline operations and improve efficiency. Each of these ICs are represented at the parent’s board through a director. The company’s board, headed by Chairman AM Naik currently has seven executive members and 11 non-executive members, according to the company’s website.


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