Published 20:35 IST, December 7th 2020
Wipro shares surge 63% in five months after appointment of new CEO Thierry Delaporte
Wipro shares have witnessed a resurgence with a gain of 63% from last five months since the appointment of the company's new CEO Thierry Delaporte.
- Republic Business
- 2 min read
Wipro shares have witnessed a resurgence with a gain of 63% from last five months since the appointment of the company's new CEO Thierry Delaporte. The IT company is said to be the highest among the industry peers in the last five months. Delaporte has been able to manage this feat without stepping into the office since the time of his appointment.
As Wipro gained 63% since last five months, other companies in the sector -- Tata Consultancy Services (TCS), which is India's largest software exporter, and Infosys have gained 34% and 56% respectively.
Based out of Paris, Delaporte is yet to visit the Headquarters of the Company in Bengaluru and has been on a virtual tour from his home in Paris, conducting virtual meetings with employees and customers of the company across the globe. Serving Capgemini group for 25 years, he held several leadership positions including that of the CEO, Delaporte has now become the first non-Indian CEO of Wipro.
Since the time of his appointment, Delaporte has taken critical decisions regarding the operational structure of the company ad reduced the higher level hierarchy from 25 people to four while focusing more of his attention towards gaining new customers and landing multi-year contracts from clients across Europe and the US. The Wipro CEO is said to have held meetings with over 130 clients via video conferencing.
The company is building hopes to be back on track with the incoming CEO, after having years of struggle to bring a turnaround in the weakening financials.
After predecessor Abidali Neemuchwala's rough four years in the company with an unsuccessful bid to achieve the USD 15 billion vision by 2020, Industry analysts are hopeful of Delaporte for making a turnaround in the company. Reportedly, Wipro's revenue for the year ended March 2020 was USD 8.1 billion.
Wipro's revenues rose by 3.9% in the financial year ending in March as compared to 9.8% of Infosys and 7.1% of TCS. HCL Technologies, which leapt ahead of Wipro to take the third spot two years ago, witnessed a rise of 17% in revenues. Therefore, the stock market rally of 63% in the last five months is seen as a positive sign for Wipro after a long dull phase.
Updated 20:35 IST, December 7th 2020