Australian logistics software firm WiseTech Global announced Tuesday that co-founder Richard White has stepped down from his role as executive chair, effective immediately. In his place, Raelene Murphy has been named the company’s new independent chair.
Murphy joined the WiseTech board at the beginning of this year and was designated lead independent director back in May before assuming her current position.
Following the announcement, WiseTech shares climbed as much as 10.6%, reaching A$39.12 as of 0028 GMT — their highest point since June 15. The stock became the top gainer in the S&P/ASX 200 benchmark index.
White addressed the situation directly, stating that “recent personal media attention is creating an unnecessary distraction from the strength of WiseTech’s business.” He added that he “strenuously and unequivocally” denies the allegations that have appeared in recent media coverage.
Reports that surfaced in late June indicated that the Australian Federal Police had launched an investigation into White over allegations that he exploited a woman’s immigration status for sexual purposes and submitted false information in a visa application.
White also expressed concern about the financial impact of the coverage, saying, “I am conscious that personal attacks on me in the media that are unconnected to the performance of the Company nevertheless have the potential to encourage short-selling activity.”
Murphy offered her own perspective on White, saying, “My personal experience working with Richard is totally at odds with media reports.”
In an official statement, WiseTech said, “As always, the Board and its advisers will continue to monitor and consider any developments on matters reported in the media.”
The company’s stock has shed nearly 70% of its value since allegations surrounding White’s personal life first emerged in late 2024.
WiseTech had previously stated in June that any alleged investigation pertained to White in a personal capacity and that the company itself had no knowledge of an investigation as described in media accounts.
Analysts at RBC Capital Markets noted that while the board changes are a step in the right direction, “the market will likely want to see evidence that the refreshed board, CEO, and Chief Innovation Officer, operate independently before attributing any meaningful re-rating.”
