Wipro stock falls 1% as veteran CFO resigns, spate of high-level exits continues

Wipro shares fell 1.40 percent in early trade on September 22 after the company’s long-serving CFO Jatin Dalal resigned, in a continuing spate of high-level exits at the Indian IT giant.

Wipro stock was quoting at Rs 424.15 on NSE in the early morning trade.

Jatin Pravinchandra Dalal resigned as Chief Financial Officer (CFO) of the company, with effect from November 30, to pursue other career opportunities according to a BSE filing on September 21.

The IT services company has appointed company veteran Aparna C Iyer as Chief Financial Officer, effective immediately.

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Wipro heavyweight disappointed at Jatin Dalal’s resignation amid continuing exits

Wipro’s former board member Suresh Senapaty — one of Azim Premji’s most trusted advisors — said he was disappointed at Jatin Dalal’s abrupt exit. Senapathy, who is still associated with Wipro at multiple levels, urged the Indian IT firm to work harder to retain talent.

Dalal’s exit comes when the company has seen a slew of top deck exits. In 2023, the company has so far seen the exits of CFO Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, India head Satya Easwaran, iDEAS business head Rajan Kohli, Vice President Gurvinder Sahni, Americas 1 CFO Kamini Shah, head of healthcare and medical devices unit Mohd Haque, and head of the manufacturing and hi-tech business unit Ashish Saxena.

Brief profile of new Wipro CFO Aparna Iyer

New CFO Aparna Iyer will report to CEO Thierry Delaporte and will join the Wipro Executive Board. Aparna Iyer has deep expertise in financial risk management, capital allocation, fundraising, and driving business strategy and growth. She was Senior Vice President and CFO of Wipro FullStride Cloud.

In a career spanning 20 years, Aparna Iyer has played several leadership roles covering the breadth & depth of finance, ranging from Internal Audit, Business Finance, Financial Planning & Analytics and Corporate Treasury & Investor Relations.

More recently, she was appointed as CFO of Wipro’s FullStride Cloud Global Business Line, with the intent of deepening her expertise as future CFO. She is a qualified Chartered Accountant (CA) and was a gold medalist of the CA 2002 batch.

Also Read: Who is Aparna Iyer? Here’s all you need to know about the gold medalist, now Wipro CFO

Wipro stock call:

Goldman Sachs has assigned a ‘sell’ rating to the Wipro stock with a target price of Rs 385 per share in a recently released report. The brokerage firm expects weakest growth for Wipro among peers and a challenged margin profile.

Stock Performance

Wipro stock has given a return of 16.85 percent over the last six months. The benchmark Nifty50 index has given a return of 15.10 percent over the same duration.

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