Wednesday, February 29, 2012

L&T's AM Naik to be new IIM-A Chairman

Larsen & Toubro Chairman AM Naik has been selected as the new chairman of Indian Institute of Management- Ahmedabad (IIM-A), India's top-ranking B-school he served as a board member for seven years. Naik will take over from Raymond's chairman emeritus Vijaypat Singhania who completes his five-year term in March end.

Naik and IIM-A Director Samir Barua confirmed the appointment. The Union Ministry of Human Resources Development (MHRD) picked up Naik over others like HDFC chairman Deepak Parekh and RA Mashelkar, former director general of India's Council of Scientific and Industrial Research, names suggested by an IIM-A committee headed by Arvind Ltd chairman Sanjay Lalbhai.

The ministry finalising one of the names proposed by the institute, is already being read as an important step towards the much-sought autonomy. When contacted Naik said, it was too early for him to comment. "I just got the letter. (I) have not applied my mind on what I need to do," said the chemical engineer from Gujarat who rose through the ranks at L&T, the engineering conglomerate. IIM-A's Samir Barua welcomed the appointment and said, Naik is a respected figure and comes from the infrastructure industry which is important for the growth of Indian economy.

Barua pointed out that it was the first time that the ministry has appointed a candidate proposed by the institute and saw it as a major step towards IIM-A autonomy. The MHRD, Gujarat government and the society of the institute have approved amendments of the Memorandum of Association (MoA) and the appointment of Naik is a signal that the ministry has followed the revised MoA process," said Barua.

Autonomy would give IIMs the power to appoint their chairpersons and directors, apart from deciding faculty salary, student fees, sale and purchase of assets and setting up of foreign campuses.

Source: The Economic Times, February 29, 2012

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