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2mo ago

WiseTech Faces Governance Crisis as Founder Richard White Reclaims Leadership

The resignation of four independent directors and White's return as executive chairman have raised concerns about corporate governance at Australia's largest tech company.

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Overview

  • WiseTech founder Richard White, previously embroiled in personal and professional scandals, has been appointed executive chairman after stepping down as CEO in October 2024.
  • Four independent directors, including the chair, resigned citing irreconcilable differences over White's continued influence, leaving the company in breach of ASX governance rules.
  • The company's share price dropped 20% following the resignations but partially rebounded after White's reassurances to investors about his long-term commitment and leadership vision.
  • Regulatory scrutiny from the Australian Securities and Investments Commission (ASIC) and ongoing governance reviews are expected to provide updates in March 2025.
  • Despite governance concerns, WiseTech reported strong financial results, including a 38% increase in net profit, but flagged potential risks from global trade uncertainties.