WiseTech founder Richard White to step down as CEO of global tech firm amid allegations

WiseTech Global chief executive Richard White has bowed to pressure and will step down from the company he co-founded amid a flurry of allegations that have dragged the company’s share price down software technology by mud.

In a statement to the Australian Stock Exchange on Thursday afternoon, simply titled “Key Business Update”, WiseTech said the board had agreed, following the request of Mr. White, who will cease to be director and CEO with immediate effect.

He will also take a short period of leave and transition to a new position at the company he has led for 30 years.

“This has been a difficult time for me personally, my family and close friends, and for the company I’ve built and truly love,” White said.

“I want to assure all those who have supported WiseTech, as customers, colleagues and shareholders, that I remain absolutely committed to seeing this amazing organization continue to thrive and grow in the years to come.

“WiseTech President Richard Dammery and I have been discussing the company’s evolution and CEO succession for many months.

“As WiseTech is a product-led innovator, it follows that directing my passion, energy and motivation to creating innovative product developments that solve deep problems found in the complex world of global logistics is my best and better use.

“I strongly believe now is the right time to make this transition and the board agrees. This new role will allow me to focus on growing the product and business, to create even more value for shareholders and customers in long term”.

The shock announcement comes as the federal corporate watchdog confirms it is monitoring the drama surrounding the billionaire founder’s alleged personal affairs.

Shares of Wisetech fell more than 13 percent on Monday as detailed media reports drew links between Mr. White with Sydney beautician Linda Rogan and another alleged affair that was the subject of a WiseTech board investigation in 2020.

He was also alleged to have signed at least two non-disclosure agreements with former lovers.

Ms. Rogan filed last month to overturn a bankruptcy notice that Mr. White sued him in August demanding the return of $91,000.

He said he had spent that money to furnish a luxury property in Vaucluse that Mr. White had bought it to be his home when they were supposedly lovers in 2022.

She claimed in a Federal Court affidavit that Mr White said he “wanted me to hire an interior decorator to furnish the house and a builder to renovate the property”.

She claimed she was kicked out in November 2022 after Mr White’s now-wife, Sydney lawyer Zena Nasser, found out about their secret relationship.

Mrs. Nasser had introduced him to Mr. White in July of that year in order for him to help buy out his partners in the Bionik Wellness business.

Mr White had told him: “I am an entrepreneur. I have a company, WiseTech. I’m a billionaire.”

She claimed their relationship had turned sexual after he arranged for her to fly to New York to meet and discovered on arrival at a Park Lane hotel that only one room had been booked.

“I realized that Richard expected me to have a sexual relationship with him in order to fulfill the promise that he would invest in my business,” she said.

Mr White was fighting Ms Rogan’s Federal Court application and had obtained secrecy orders on parts of her case ahead of the scheduled February 6 showdown.

Documents ending the action were filed in court Monday afternoon without disclosing the terms of the settlement agreements.

Dammery described Mr. White as “a true giant of the Australian technology industry”.

“Richard has consistently demonstrated a rare combination of foresight, intellect, ability and ambition,” he said.

“All great entrepreneurs achieve what others consider impossible, and Richard has certainly done that at WiseTech.

“In proposing this change in role, Richard has put the company and its shareholders first, and has taken the next natural step to evolve his role as founder to add better value to WiseTech over the long term.”

The announcement came after the close of trading on the ASX. Its shares fell another 6.3% on Thursday, bringing their total drop to 20.5% over the past five trading days.