Waaree reshuffles top leadership, appoints new CEO and CFO

Waaree Energies Limited has made sweeping changes to its senior management, replacing both its Chief Executive Officer and Chief Financial Officer on the same day while also bringing in two new senior appointments.

CEO transition

Amit Ashok Paithankar stepped down as Whole-Time Director and CEO on March 20, 2026, ahead of the May 15 date that had been indicated when his departure was first announced in December 2025. Jignesh Devchandbhai Rathod, who had been serving as CEO-Designate, took charge from March 21, subject to shareholder approval. His term runs five years through March 2031.

Rathod is a company veteran, having joined Waaree in November 2007. He holds an engineering degree from Gujarat University, an MBA from SVKM’s NMIMS, and a doctorate in business administration from the Xavier Institute of Business Management Studies. His current responsibilities include overseeing factory operations across the company’s manufacturing sites.

CFO change

Sonal Shrivastava, who served as CFO of both Waaree Energies and Indosolar Limited, stepped down on March 20 after completing her notice period. Her resignation letter, dated September 22, 2025, cited a desire to pursue strategic leadership roles outside the group.

Abhishek Pareek, who joined Waaree as Finance Controller in September 2017 and has been serving as Group Finance Head, was appointed CFO with effect from March 21. He brings roughly two decades of experience spanning corporate finance, treasury, M&A, capital markets, and financial planning. He has been involved in equity fundraises totalling over USD 450 million across private equity rounds and approximately USD 500 million through IPOs, in addition to managing around USD 3 billion in debt financing. Pareek is a Chartered Accountant, holds a PhD in Finance, and has completed programmes at IIM Kozhikode and ICAI.

Two more senior appointments

The board also cleared two senior management appointments effective April 1, 2026. Munna Singh, currently Assistant Vice President — Finance, has been named Deputy CFO. A qualified CA with 20 years of experience, he has previously worked with PwC, Lafarge India, Reliance Cement, ACC, and Vedanta’s iron ore business in Karnataka.

Varun Goenka joins as President — Growth and Strategy, bringing 22 to 24 years in Indian capital markets. He has worked with Anand Rathi, JM Financial, Nippon India Mutual Fund, Value Quest, and Dharamshi Family Office, with a focus on equity research, portfolio management, and energy transition investing.