WiseTech shares rise after Richard White resigns as executive chair amid police investigation
Summary
Richard White has resigned as executive chair of WiseTech but will stay on as a board director and chief innovation officer. His resignation followed a police investigation into allegations against him, which he denies. WiseTech’s share price rose after the announcement, as the company plans leadership changes amid investor concerns.Key Facts
- Richard White co-founded WiseTech and has stepped down as executive chair.
- White denies allegations that he exploited a worker’s financial and visa status for sex.
- He will remain a board director and chief innovation officer.
- Raelene Murphy will replace White as chair of WiseTech’s board.
- WiseTech’s share price increased by 8.1%, adding about $1 billion in market value.
- The company’s value fell from over $40 billion in July 2025 to less than $13 billion recently.
- WiseTech has faced challenges from AI competition and laid off 30% of its staff.
- White resigned as CEO in 2024 after negative media but returned as executive chair in 2025.
- The board and new leadership are focusing on executive succession and governance improvements.
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