Shares of Waaree Energies Limited came under pressure after the company informed exchanges about the resignation of its Whole-Time Director and Chief Executive Officer, Amit Paithankar. As of 9:30 AM, the shares were trading 1.22% lower at Rs 2,944.00.
According to the regulatory filing, Amit Paithankar has tendered his resignation to pursue opportunities outside the organisation. The board has accepted his resignation and agreed to relieve him with effect from May 15, 2026, or on an earlier date as may be mutually decided. While the transition period provides continuity, the market reacted cautiously to the leadership change, leading to a decline in Waaree Energies’ share price during the session.
The board placed on record its deep appreciation for Paithankar’s leadership and contributions during his tenure. Under his leadership, the company strengthened its operational capabilities, expanded its manufacturing footprint, and laid a solid foundation for long-term growth in India’s rapidly expanding renewable energy sector.
To ensure a smooth and well-planned succession, the board has approved the appointment of Jignesh Rathod, currently Director – Operations, as Chief Executive Officer–Designate with immediate effect. Rathod will work closely with the outgoing CEO during the transition period and will formally take over as CEO and Key Managerial Personnel from May 16, 2026, or earlier if notified.
Jignesh Rathod brings deep institutional knowledge and over 18 years of experience within Waaree Energies, having been associated with the company since November 2007. He holds a Bachelor’s degree in Engineering from Gujarat University, an MBA for Working Executives from NMIMS, Mumbai, and a Doctorate in Business Administration from XIBMS. Over the years, he has played a key role in scaling manufacturing capacities, improving process efficiency, integrating advanced technologies, and strengthening quality systems across the company’s facilities.
The board expressed strong confidence in Rathod’s ability to lead Waaree Energies through its next phase of growth, highlighting his operational expertise, people-centric leadership style, and alignment with the company’s long-term strategic vision. It also noted that the internal succession plan reflects Waaree’s commitment to strong corporate governance, leadership continuity, and sustainable value creation for stakeholders.
