On Monday, the financial services firm Wise plc (WISE:LN) (OTC: WPLCF) retained its Buy rating on the stock and a price target of £11.23 from Jefferies. The endorsement comes as Wise positions itself for new leadership in its financial department.
The company, known for its international money transfer service, has been operating with an interim CFO since the announcement of Matt Brier's departure nearly a year ago, with his tenure ending by the close of the fiscal year on March 2024.
Emmanuel Thomassin is set to join the Wise team in October, bringing a decade of experience as CFO from Delivery Hero (DHER). Jefferies views the appointment of Thomassin as an incremental positive for Wise, enhancing the company's executive team with a seasoned professional familiar with public company operations.
This move is expected to complement the existing leadership, including the prominently involved CTO Harsh Sinha, who temporarily took on the CEO role during Kristo Käärmann's paternity leave.
The addition of Thomassin is seen as a strategic step in reinforcing the company's management structure, which has been primarily driven by its founders. With the arrival of a new CFO with considerable industry experience, Wise is anticipated to continue its trajectory in the competitive financial technology sector.
Wise's management transition arrives at a time when the company is expanding its global presence and services. The firm has been navigating the complexities of the fintech environment, aiming to maintain its position as a reliable and cost-effective option for international money transfers.
The new CFO's tenure will begin in October, marking the start of a fresh chapter for Wise's financial leadership. As the fiscal year approaches its end, stakeholders will be watching to see how this executive change influences Wise's strategic direction and financial performance.
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