Indian solar power company Azure Power that trades on the New York Stock Exchange under the ticker AZRE has announced its Founder Inderpreet Wadhwa will relinquish his position at the company. He is currently serving as the CEO and Chairman of Azure Power.
Along with giving up these positions, Wadhwa will also retire as the member of the board of directors at Azure and all its subsidiaries. Search for a new CEO has been initiated by the company's non-executive directors.
The management did not specify any reason for Wadhwa's retirement but said he will continue with the company till December 31, 2019. In the event of the company finding a new CEO during this period who also joins the company, Wadhwa will serve as an advisor till December 31, 2019.
A graduate from Haas School of Business at University of California in Berkeley, Wadhwa founded Azure Power in 2008. Under his leadership, Azure Power has developed an operating portfolio of over 1.5 GW and more than the same amount of contracted projects. In FY 2019 (period ended March 31, 2019), the developer commissioned more than 500 MW of capacity (see Azure Power Connected <500 MW Solar In FY19). Wadhwa is a member of the Private Sector Advisory Group (PSAG) to the Green Climate Fund (GCF).
The news of Wadhwa's retirement comes soon after the company hired Pawan Kumar Agarwal to function as the CFO in March 2019, after then CFO Sushil Bhagat left the company for personal reasons (see Azure Power CFO Change).