IIM-Ahmedabad searches for a new chief to head board

A.M. Naik, group executive chairman of engineering conglomerate Larsen and Toubro, has tendered his resignation as the chairman of the Indian Institute of Management Ahmedabad Board of Governors, owing to his business responsibilities.

Following his decision, the Board of Governors of the IIMA has constituted a search committee to identify the new chairman. In the interim, Mr Naik will continue in the position, an IIMA release said.

In his resignation sent to the HRD ministry on December 22, Mr Naik urged the board to find a suitable person for the position, as he was finding it difficult to do justice to the institution due to his responsibilities as L&T group executive chairman.

As per his resignation, “This has not been an easy decision to make — given my deeply fulfilling experience of close to four years. But going forward, owing to increased business responsibilities, I do not believe I will be able to do full justice to my position.”

“It would be best for all concerned if IIMA has a new person at the helm,” he said.

Mr Naik was appointed as the chairman of IIMA Board of Governors in 2012 for a three-year-term and later on his term was extended by another three years in 2015.

Mr Naik expressed his desire to step down during the last board meeting held on December 18, 2015.

“He informed IIMA board members about his decision in the board meeting on December 18. Board members unanimously urged him to reconsider but upon deliberation, Naik decided to put in his papers,” the release said.

Mr Naik had taken up the chairmanship of the institute at a sensitive time when it was looking for a new director. He put in an enormous amount of time and effort in the director selection process, eventually convincing Prof. Ashish Nanda of Harvard University to take up the position, it added.

“Naik’s tenure as IIMA chairman has been an exciting time for the institute. IIMA has taken several new initiatives in the last few years to build on its strengths and become more impactful as a global leader in management education,” IIMA director Prof. Ashish Nanda said.

“Naik initiated many of these exciting initiatives and has been a bulwark of support and encouragement to the institute. Even as we are saddened that he is stepping down, we are grateful for his stewardship and appreciative of his legacy,” Mr Nanda added.