Richard White, the billionaire founder of WiseTech Global, has stepped down from his role as CEO effective immediately amid a series of allegations into his personal life. The company’s share price has tanked almost 20 per cent in the last five days.
Key Takeaways
- Richard White, founder and CEO of transport logistics firm WiseTech Global, has stepped down, effective immediately.
- White will also take a short leave of absence, before returning to commence a new role focused on product and business development.
- CFO Andrew Cartledge will assume the role of interim CEO as a global search for a new CEO gets underway.
- It comes as revelations about White’s private life hit the media and the billionaire found himself embroiled in a civil court case.
- WiseTech’s share price has tanked nearly 20% since Friday October 18, to $99.37 at the time of writing.
Key background
White’s personal life has been thrust into spotlight in recent days following allegations surrounding the billionaire’s conduct with female entrepreneurs and Wisetech employees.
Public documents show a civil court matter between Laser Clinics Australia Double Bay owner Linda Rogan and the CEO was discontinued on Monday, indicating the case was settled out of court.
What we know
White will stand down as a director and CEO with immediate effect, take a short period leave and then transition into a new role with the company, according to an update on the Australian Securities Exchange.
White’s new title will be founder and founding CEO, and he’ll embark on a new position for a 10-year term.
He’s set to be paid $1 million per annum.
Crucial quote
“It has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love,” White said in a statement. “I want to assure all those who have supported WiseTech, as customers, colleagues and shareholders, that I remain absolutely committed to seeing this incredible organisation continue to thrive and grow in the coming years.”
Big Number
$7 billion – The rough total that has been wiped off WiseTech’s market value since the allegations surfaced.
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