Waaree Energies has announced a management reshuffle, with Jignesh Devchandbhai Rathod replacing Amit Ashok Paithankar as the company’s Whole-Time Director and Chief Executive Officer following Paithankar’s resignation. The company’s Chief Financial Officer (CFO) Sonal Shrivastava has also stepped down, and the board has appointed Abhishek Pareek as the new CFO. The company has also named Munna Singh as Deputy Chief Financial Officer and Varun Goenka as President – Growth & Strategy.
Amit Paithankar steps down as CEO & whole-Time Director
Waaree Energies relieved Paithankar from the position with effect from March 20, earlier than the previously communicated date of May 15.
Following the development, the board approved the appointment of Rathod as Whole-Time Director and Chief Executive Officer, effective March 21, subject to shareholders’ approval. Rathod will serve a five-year term from March 21, 2026 to March 20, 2031.
Who is Jignesh Devchandbhai Rathod
Rathod has been associated with Waaree Energies since November 2007 and currently oversees the operational functions at the company’s factories. He holds a bachelor’s degree in engineering from Gujarat University, an MBA for working executives from SVKM’s NMIMS, and a PhD in Business Administration.
CFO Sonal Shrivastava resigns
In the regulatory filing, the company also said Sonal Shrivastava has stepped down as Chief Financial Officer (CFO) with effect from the close of business hours on March 20, after completing her notice period.
In her resignation letter, Shrivastava said she is moving on to pursue opportunities outside the group and focus more on strategic leadership. “It has been a great honor to serve Waaree and to contribute to its growth trajectory and transformation,” she said.
She added that she remains committed to ensuring a smooth transition and thanked the leadership team and colleagues for their support during her tenure.
Who is Abhishek Pareek- New CFO of Waaree Energies
The board has appointed Abhishek Pareek as the new Chief Financial Officer and Key Managerial Personnel of the company with effect from March 21.
Pareek joined the company in September 2017 and currently serves as Group Head Finance. He has nearly two decades of experience in corporate finance, treasury, mergers and acquisitions, capital markets, and financial planning.
He is a qualified chartered accountant and has previously worked across several leadership roles in finance.
New senior management appointments
In addition, the board approved the appointment of Munna Singh as Deputy Chief Financial Officer and Varun Goenka as President – Growth & Strategy. Both appointments will take effect from April 1, 2026.
Munna Singh joined the company in July 2025 as Assistant Vice President – Finance and brings around two decades of experience across industries. Varun Goenka has over two decades of experience in Indian capital markets and has worked with institutions such as Anand Rathi, JM Financial, Nippon India Mutual Fund, and ValueQuest.
Waaree Energies share price
The share price of Waaree Energies has plunged 2.98% in early trade. The stock has declined 10.73% in past six months.