WiseTech co-founder and billionaire executive Richard White steps down as executive chairman of the Australian logistics software company, effective immediately, multiple outlets report. White says allegations raised about his personal life are an “unnecessary distraction” for the business and that he “strenuously and unequivocally” denies the claims being reported in the media.
Several reports link the resignation to heightened scrutiny over allegations that White exploited a worker’s financial circumstances and visa or immigration status for sex, which he denies. Bloomberg and the Guardian note police involvement or a police investigation referenced in media reports, though the company’s disclosures focus on the leadership change.
WiseTech says White will continue with the company as a board director and chief innovation officer. Raelene Murphy replaces him as executive chair, according to the Guardian and other coverage. Reuters-style details about the board transition are limited in the provided excerpts, but all accounts agree the board seat remains with White while his day-to-day chair responsibilities end.
WiseTech shares rise after the resignation, with one outlet citing a market value increase, while other reports mention pressure on the share price amid the preceding controversy.
