Wipro Share Price up with Capco's New CEO, but Morgan Stanley Maintain stays Bearish

Wipro has just announced Anne-Marie (Annie) Rowland as Capco’s new Chief Executive Officer. Rowland, currently managing partner of Capco’s business in the United Kingdom and Ireland, and a member of Capco’s Global Leadership Team, will officially take on the CEO role from 1-April-24.

Following this news, Wipro share price witnessed 1.7% rise in early trade on 21-March. Capco, a British consulting firm acquired by Wipro in 2021 for $1.45 billion, stands as one of the largest independent financial services management consultancies worldwide.

Lance Levy, who has been Capco’s CEO for nearly a decade, will transition to a new role as Strategic Advisor. In this capacity, he will continue to provide support for Capco’s strategic direction and Wipro’s consulting strategy as a whole.

Rowland’s journey with Capco spans 14 years, during which she has accumulated substantial expertise in consulting, particularly in business change management, innovation, and transformation.

Wipro CEO and managing director Thierry Delaporte said,

“Lance has provided unmatched leadership to Capco for over a decade. Under his guidance, Capco has differentiated itself as an industry-leading full-service transformation consultancy, and become a key growth pillar for Wipro,”

 “Annie has a deep understanding of Capco, our clients, teams, and the Consulting industry. I’m proud to welcome Annie to lead Capco into the future, to its next phase of growth.”

Despite Wipro's positive announcement, Morgan Stanley maintains its "underweight" rating on the technology services player, setting a target price of ₹475 per share, indicating a 3.7% downside from the previous close. However, the global brokerage acknowledges the smooth transition potential, considering Rowland's rich experience within the company and the sector.

Also check Morgan Stanley Share Price

Over the last six months, Wipro share price have gained approximately 17%, outpacing the benchmark Nifty's rise of 11.5 percent.