Under-fire WiseTech Global chief executive Richard White has bowed to pressure and will stand down from the company he co-founded amid a flurry of allegations that have dragged the software technology company’s share price through the mud.
In a statement to the Australian Securities Exchange late on Thursday afternoon simply tilted “Key Business Update”, WiseTech said the board had agreed — following Mr White’s request — that he will stand down as a director and as CEO with immediate effect.
He will also take a short period of leave and transition into a new role with the company that he has led for 30 years.
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“It has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love,” Mr White said.
“I want to assure all those who have supported WiseTech, as customers, colleagues, and shareholders, that I remain absolutely committed to seeing this incredible organisation continue to thrive and grow in the coming years.
“The chair of WiseTech Richard Dammery and I have been discussing the evolution of the company and succession of the CEO role for many months.
“As WiseTech is a product-led innovator, it follows that directing my passion, energy, and motivation, to creation of breakthrough product developments that solve the deep problems found in the complex world of global logistics is my highest and best use.
“I strongly believe that now is the right time for me to make this transition and the board agrees. This new role will allow me to focus on product and business growth, to create even greater value for shareholders and customers over the long term.”
The shock announcement came as the Federal corporate watchdog confirms it is monitoring the drama around the billionaire founder’s alleged personal affairs.
Wisetech shares plunged more than 13 per cent on Monday as detailed media reports drew links between Mr White’s Federal Court legal battle with Sydney beautician Linda Rogan and another alleged affair that was subject to a WiseTech board probe in 2020.
It was also alleged he had signed at least two non-disclosure agreements with former lovers.
Ms Rogan applied last month to overturn a bankruptcy notice that Mr White served on her in August demanding she repay him $91,0000.
She said she had spent that money furnishing a luxury Vaucluse property Mr White had bought to be her home when they were allegedly lovers in 2022.
She alleged she was turfed out in November 2022 after Mr White’s now-wife, Sydney lawyer Zena Nasser, learned of their secret relationship.
Ms Rogan claimed she had met Mr White in mid-2022 with a view to him helping buy out her partners in the Bionik Wellness business.
Mr White was fighting Ms Rogan’s Federal Court application and had gained secrecy orders over parts of her case ahead of scheduled showdown on February 6.
Documents terminating the action were lodged with the court late Monday with no disclosure of the terms of the peace deals.
Mr Dammery described Mr White as ”a true giant of the Australian technology industry”.
“Richard has consistently demonstrated a rare combination of foresight, intellect, capability and ambition,” he said.
“All great entrepreneurs achieve what others consider to be impossible, and Richard has most certainly done this at WiseTech.
“By proposing this change in role, Richard has put the company and its shareholders first, and he has taken the natural next step in evolving his role as founder to best add value to WiseTech for the long-term.”
The announcement came after the close of trade on the ASX. Its stock was off another 6.3 per cent on Thursday, taking its total fall to 20.5 per cent over the past trading five days.
