WiseTech Board Resigns Following Struggles Over Founder Richard White's Role

Four independent directors step down citing irreconcilable differences on the ongoing involvement of the embattled billionaire founder.

• WiseTech Global's four independent directors, including Chair Richard Dammery, announced their resignation due to disputes over Richard White’s continued role in the company.
• The resignations follow allegations of inappropriate behavior and governance concerns surrounding White, who retains a 37% stake in the company.
• The company's shares plummeted over 20%, wiping $3 billion from White's personal wealth, as investors reacted to the leadership turmoil and lowered revenue forecasts.
• White, who stepped down as CEO in October amid scandals, remains in a consulting role, though the agreement for this role has yet to be formalized.
• The board's departures leave WiseTech with only two directors, necessitating urgent restructuring to maintain public listing requirements.

6 Articles

The Sydney Morning Herald The Sydney Morning Herald The Guardian Australian Broadcasting Corporation Yahoo Finance The Sydney Morning Herald