**WiseTech Global Faces Turmoil as Four Non-Executive Directors Resign Amid Controversy Surrounding Founder Richard White**
Australian software company WiseTech Global announced on Monday that four of its non-executive directors will resign due to differing opinions regarding the role of billionaire founder and former CEO Richard White. This news led to an 18% drop in the company’s shares. Directors Lisa Brock, Richard Dammery, Michael Malone, and Fiona Pak-Poy will step down following the release of the company’s half-year results on Wednesday.
In October, WiseTech revealed that White would be stepping down as CEO after media reports surfaced regarding allegations related to his personal life, including payments to an alleged former lover. During this transition, finance chief Andrew Cartledge was appointed as interim CEO. After a 30-day break, the 69-year-old White returned to WiseTech as a consultant under a minimum 10-year contract, holding the newly established title of “founder and founding CEO.” Subsequently, the company initiated an external governance review, which largely cleared White of any wrongdoing but noted that some employees might perceive his management style as intimidating.
This month, WiseTech disclosed that it received two confidential complaints—one from an employee and another from a supplier—containing allegations against White, although specific details were not provided. Analysts from Citi expressed concerns, stating that while White’s continued presence is a positive sign, the resignation of four independent directors raises questions about the nature of the new allegations and the differing perspectives on White’s role.
In early trading, WiseTech’s shares fell by as much as 18.6%, reaching A$99.1, making it the worst performer in the ASX 200 index. The company appointed Mike Gregg as a new director on Monday and indicated that additional directors would be appointed in the near future. WiseTech also projected that its full-year revenue would fall at the lower end of its forecast range of A$1.2 billion to A$1.3 billion, citing delays in the rollout of three products this year. However, it anticipates that the EBITDA margin rate will be at the higher end of the previously announced range, driven by improved results from its efficiency program.
