Overview

• Richard White, founder and CEO of WiseTech, resigned after allegations of secret affairs and inappropriate behavior emerged.
• The scandal has led to a significant drop in WiseTech's market value, losing over A$7 billion this week alone.
• White will transition to a consulting role within the company after a short leave, focusing on product and business development.
• An independent inquiry has been launched by WiseTech's board to investigate the allegations against White.
• The situation highlights broader concerns about corporate governance and regulatory effectiveness in Australia.