Larsen and Toubro Friday appointed Krishnamurthi Venkataramanan as its CEO and managing director.

A. M. Naik, who will continue to be its executive chairman, will have the executive powers taken away from his position subsequent to this decision.

The change will come into effect April 1.

I am pleased that the board has appointed K. Venkataramanan as CEO & MD. I have full confidence that under Venkataraman's leadership, L&T will continue on its growth path, Naik said.

Venkataramanan, who joined L&T as a graduate engineer trainee in 1969, was promoted to L&T Board in 1995. Presently, he is the whole-time director and president of the Hydrocarbon unit of L&T. He has a Chemical Engineering degree from Indian Institute of Technology, Delhi.

Founded in 1938 by two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro, L&T is a leading engineering, manufacturing, construction firm in India. It's a lead player in technology and financial services too.