Billionaire businessman Richard White is stepping down as chair of WiseTech Global but will remain on the board and with the company.
Mr White, who co-founded the logistics software firm, cited recent media attention as his reason for stepping down, calling it an “unnecessary distraction from the strength of WiseTech’s business”.
In June, Mr White denied any involvement in human trafficking or knowledge of an Australian Federal Police investigation, after Nine newspapers reported he was facing a probe by the AFP’s human exploitation taskforce.
“I strenuously and unequivocally deny the recent allegations in the media,” Mr White reiterated in an ASX statement announcing the board changes.
“Further, 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.”
Richard White stepped down as CEO of WiseTech Global in October 2024. (AAP: Brendan Esposito)
Mr White is the biggest shareholder in WiseTech, owning around a third of shares.
On Tuesday morning, WiseTech shares rallied on the development, up 9.4 per cent at 10:50am AEST.
However, the stock remains about 66 per cent lower than 12 months ago, as a series of personal scandals took their toll on the share price.
The WiseTech Global scandal explained
The latest controversy follows a tumultuous period for the firm since Mr White’s personal affairs hit the front pages of the financial press in late 2024.
WiseTech faced an exodus of board directors in early 2025, amid a dispute about Mr White’s ongoing role.
The board undertook a review into Mr White’s conduct, which found he had misled the board about the nature of several relationships.
“As always, the board and its advisors will continue to monitor and consider any developments on matters reported in the media,” it said on Tuesday.
Independent chair appointed, praises White
WiseTech has appointed Raelene Murphy as independent chair. She joined the board on January 1 and had previously been named lead independent director at the start of May.
“My personal experience working with Richard is totally at odds with media reports,” Ms Murphy said in the ASX statement.
“I have found him to be an incredibly hardworking, focused and committed founder who has built a leading global technology business with enormous potential to continue to grow stronger and thrive.”
While the scrutiny on Mr White has hit the share price, many investors also want to see him continue at the firm.
In June, analysts at Morningstar said it would be appropriate to cut their fair value estimate for the share price is Mr White ended up being forced out, as they believe he “remains instrumental to the company’s continued success”.
On Tuesday, RBC Capital Markets described the changes as “another step in the right direction” in addressing governance concerns at WiseTech.
“That said, while structural improvements in board composition are positive, the market will likely want to see ongoing evidence that the refreshed board, CEO, and chief innovation officer, operate independently before attributing any meaningful re-rating [of the share price],” RBC analyst Jackson Lee wrote in a note.
Outside WiseTech Global’s offices in Sydney. (ABC News: John Gunn)
In February, WiseTech announced plans for sweeping job cuts, planning to slash about 29 per cent of its workforce globally, or 2,000 roles, over the next 18 months.
Chief executive Zubin Appoo, who was appointed in July 2025, at the time described it as a “deliberate AI transformation journey”.
“I am prepared to say this clearly: the era of manually writing code as a core act of engineering is over.”
On Tuesday, WiseTech said the board was continuing its search for an additional independent director, as well as “long-term executive succession planning”.