Richard White resigns as WiseTech executive chair

WiseTech Global co-founder Richard White has stepped down as executive chair with immediate effect, with independent director Raelene Murphy appointed as the company's new independent chair, as reported by Reuters.

Murphy, who joined the Australian logistics software company's board earlier this year, was named lead independent director in May before taking on the chair's role as part of a broader board transition.

The leadership change comes as WiseTech seeks to maintain investor confidence amid ongoing media scrutiny surrounding White's personal affairs.

White's response

Announcing his decision, White said stepping aside would allow the company to remain focused on its business rather than recent publicity surrounding him.

"Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech's business," White said.

He added that he "strenuously and unequivocally" denies the recent media allegations.

White also said the ongoing coverage could have broader implications for the company's market performance.

"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," he said.

Media reports in late June claimed the Australian Federal Police were investigating White over allegations that he exploited a woman's immigration status for sex and provided false information in a visa application.

WiseTech has previously stated that the reported investigation relates to White in his personal capacity and that the company is not aware of any investigation matching those media reports.

Board backing

Murphy expressed confidence in White despite the media reports and said her own experience differed significantly from the allegations.

"My personal experience working with Richard is totally at odds with media reports," Murphy said.

The company added that its directors would continue to monitor developments.

"As always, the Board and its advisers will continue to monitor and consider any developments on matters reported in the media," WiseTech said in a statement.

Market reaction

Investors responded positively to the leadership announcement, with WiseTech shares climbing as much as 10.6% to A$39.12, making the company the strongest performer on the benchmark S&P/ASX 200 index during trading.

Despite the rebound, WiseTech's shares remained nearly 70% below their level before allegations surrounding White's personal life first emerged in late 2024.

Governance focus

Analysts said the leadership change marks a positive step for the company's governance but cautioned that investors are likely to seek further evidence of board independence.

According to RBC Capital Markets, the market will want proof that the refreshed board, alongside the chief executive and chief innovation officer, can operate independently before materially improving its view of the company.

The appointment of Murphy signals a shift towards strengthening WiseTech's governance as the company seeks to move beyond the controversy and refocus attention on its long-term business strategy.