Waaree Energies Ltd. on Friday has relieved Amit Ashok Paithankar from the post of Chief Executive Officer and he also ceases to be whole-time director of the company. In an exchange filing the company announced that Jignesh Devchandbhai Rathod will be new CEO from March 21.
The company said that the decision to relieve Paithankar was mutual decision. In addition the decision to appoint Rathod was based on the recommendation of the Nomination and Remuneration Committee. He was also appointed a Whole-time Director.
Rathod has been associated with the company since Nov. 28, 2007. He is currently responsible for overseeing the operational functions at the factories of the company. He holds a bachelor's degree of engineering from the Gujarat University and master degree business administration from SVKM's NMIMS. He also holds a Ph. D. in Business Administration from the Xavier Institute of Business Management Studies.
ALSO READ: Waaree Energies Set To Become Title Sponsor For Rajasthan Royals
The board of directors of Waaree Energies also took note of the cessation of Sonal Shrivastava from the position of Chief Financial Officer of the company, upon completion of the requisite notice period.
Waaree Energies, on the basis of the recommendation of the Nomination and Remuneration Committee also appointed Abhishek Pareek as the CFO and key managerial personnel of the company. He will take over office from Saturday.
Abhishek Pareek joined Waaree as the Finance Controller in September 2017 and is currently the Group Finance Head, designated as the Senior Managerial Personnel of the Company. He is a seasoned finance leader with over 20 years of experience across corporate finance, treasury, M&A, Capital Markets, Controllership, FP&A.
He has prior experience as CFO of a large textile company and has handled multiple businesses in capacity of Controller. He has led equity fundraisers of over $450 million across four private equity rounds, $500 million through IPOs, and has extensive experience in debt financing of $3 billion, along with managing large-scale FX exposures.
The board also appointed Munna Singh as Deputy Financial Officer and Varun Goenka as President - Growth & Strategy.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.