WiseTech chairman Richard White steps down as chair
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Richard White, the chairman of $12 billion company WiseTech, has resigned as chair amid scrutiny over his actions and leadership.
White had previously stepped down as CEO in 2024, and came under the microscope after corporate watchdog ASIC raided WiseTech’s Sydney offices last year.
Richard White's conduct while at WiseTech is under scrutiny. Dominic Lorrimer
In an ASX statement to investors, White said the speculation surrounding his conduct and position had distracted from WiseTech’s achievements and performance.
“Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech’s business,” he said.
“As I have stated previously, I strenuously and unequivocally deny the recent allegations in the media.”
“Further, I am conscious that personal attacks on me in the media that are unconnected to the performance of the Company nevertheless have the potential to encourage short selling activity.”
White will remain on the board of WiseTech and continue in his role as chief innovation officer.
In June, an investigation by The Sydney Morning Herald led to White being investigated by the Australian Federal Police over claims he exploited a woman’s immigration status.
It also alleged White had sold more than $200 million worth of WiseTech shares over a length of time when directors and executives were banned from selling company stock, known as a blackout period.
The ASIC investigation is likely to come down to whether or not the sale of shares was made using privileged information not available to other investors.
The company's share price has plummeted in the last 12 months. Sitthixay Ditthavong
White has denied all allegations against him and no charges have been laid.
Raelene Murphy, who was previously Lead Independent Director and joined the WiseTech board at the start of the year, has been appointed to replace White.
She issued a robust defence of White.
“My personal experience working with Richard is totally at odds with media reports,” she said.
“I have found him to be an incredibly hardworking, focused and committed founder who has built a leading global technology business with enormous potential to continue to grow stronger and thrive.”
WiseTech’s share price has plummeted in the last 12 months, falling more than 65 per cent.
However, their share price rebounded on the back of White’s resignation, being up 11 per cent since trading opened on Tuesday morning.
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