Richard White, the billionaire co-founder of WiseTech Global, has stepped down as executive chair of the Australian logistics-software company, effective immediately, capping a fortnight of intensifying scrutiny. He is not, however, leaving the building.
White will stay on the ASX-listed group’s board as an executive director and keep his role as chief innovation officer, WiseTech said in a statement to the exchange. Raelene Murphy, who joined the board at the start of the year and became lead independent director in May, takes over as independent chair.
The timing is not subtle. In late June, media reports said the Australian Federal Police were investigating White over allegations that he exploited a woman’s immigration status for sex and provided false information on a visa application. He has denied any suggestion of trafficking, “strenuously and unequivocally”, and none of the claims has been tested in court.
“Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech’s business,” White said, arguing that senior management should be free to focus on executing the company’s growth strategy. It is a familiar line for a founder whose exits have a habit of turning into returns.
