WiseTech Australia CEO Richard White resigns amid sex scandal

The billionaire founder and CEO of WiseTech Global Ltd., Richard White, resigned after a series of damaging allegations about his relationships with several women.

White will take a short period of leave before moving to a new role, the Sydney-based company said in a statement on Thursday.

“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 in the statement. “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.”

Pressure has mounted on the board of WiseTech and White, the company’s largest shareholder, to take action after a series of media reports wiped more than A$7 billion (US$4.6 billion) from the market value of the software provider. Shares fell 6 percent in Thursday trading.

The scandal first erupted when White tried to push welfare entrepreneur Linda Rogan, with whom he allegedly had an affair, into bankruptcy. Rogan had alleged that White expected him to have sex with him in exchange for an investment in his business. The case was later settled out of court.

Since then, a series of other allegations have emerged, turning a relatively little-known Australian tech company into the country’s latest corporate scandal.