JSW Energy made an announcement stating that Sharad Mahendra is set to succeed Prashant Jain as the joint managing director and chief executive officer. Mahendra, currently the joint MD and CEO designate, will assume the leadership role from February 1, 2024, following Jain's departure on January 31. On Friday, the company's shares surged, reaching 423.70 rupees each, marking a 3.8% increase on the BSE at 2:30 pm. Concurrently, the broader BSE Sensex was up by 0.7%.
JSW Energy stated that effective from February 1, 2024, Sharad Mahendra will serve as the Joint Managing Director, CEO, and a Key Managerial Person of the Company. He will officially assume the roles of CEO and MD starting from the same date. Prashant Jain had previously declared his intention to resign from the position to pursue personal endeavors. Mahendra previously held the position of CEO at JSW Steel Coated Products Limited and boasts nearly 15 years of tenure within the group.
The company highlighted that during Mahendra's tenure, successful project execution led to organic capacity expansions and the acquisition and integration of two assets. Under his leadership, the business observed substantial growth in volume and market share. Mahendra initially joined JSW Energy Limited in 2017 as the Chief Operating Officer (Energy Business), overseeing power sales, mining, corporate commercial, legal, coal procurement, regulatory, and corporate affairs functions.