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Research
Wipro - Organizational Restructuring - Gearing for next wave - Prabhudas Lilladher
Posted On : 2013-10-04 00:13:53( TIMEZONE : IST )
Wipro made changes in the role of some in its top management like Mr. Shaji Farooq, Mr Soumitro Ghosh, Mr GK Prasanna and Mr. Jeffery Jalil. All these members would now report to Mr. TK Kurien (CEO). These changes would be effective from January 1, 2014. We believe that the resignation of Wipro veteran, Mr. Anand Sankaran, is the last leg of restructuring. New roles assigned to the members would unleash their strength in respective profiles. We continue to maintain “BUY†rating.
Mr. Shaji Farooq - Global Head of BFSI: Mr. Shaji Farooq will takeover the role of Global Head of BFSI from Mr. Soumitro Ghosh. He is currently leading Wipro's Advanced Technologies Service Line and go-to-market transformation strategy. A Stern (NYU) MBA was heading BFSI division of Infosys in North America before joining Wipro in August 2012.
Mr. Soumitro Ghosh - Head Wipro Infotech (India & Middle East Business): Mr. Soumitro Ghosh is a veteran of 25 years in the company and was also the founding member of BFSI BU who will now head Wipro Infotech which has already been integrated into Wipro Technologies. An engineering and MBA graduate from BITS Pilani, he has worked in various avatars in the company.
Mr. GK Prasanna - Global Head of Global Infrastructure Services (GIS) and Product Engineering Services (PES): Mr. GKP, another 25-year old veteran, will take additional responsibility of GIS along with PES. An engineering graduate in Electronic & Communication along with MBA from NITIE (Mumbai), he was heading Technology Infrastructure Services for Wipro during 2000-09.
Mr. Jeffery (Jeff) Heenan Jalil - Global Head of Advanced Technologies: Mr. Jeff Jalil will assume the role of Global Head of Advanced Technologies. He joined Wipro in 2007. Earlier, he was heading Global Head of Telecom Equipment Vendor & Media Vertical. Prior to Wipro, he worked with Lucent and EDS.
Valuation and Recommendation - Retain 'BUY' with target price of Rs600: We see this as the last leg of restructuring for the company. The company has managed to turn the tide and started to see some initial signs of success with key few deal wins. We expect revenue momentum to get stronger in FY15.
