Billionaire founder of WiseTech Richard White will step down as executive chairman, saying media reports about a criminal investigation were creating an “unnecessary distraction”.

Shares in WiseTech global are surging in early trade. Wall Street has closed at a record level as oil prices settle to where they were before the war in Iran. Follow the day's…

White will continue to sit on the board and be chief innovation officer, but said recent reports about human trafficking were a “distraction” to the business.

The move comes amid a collapsing share price and repeated allegations about his personal life, which White said he “strenuously and unequivocally” denies.

The move comes amid a collapsing share price and repeated allegations about his personal life, which White said he “strenuously and unequivocally” denies.

The move comes amid a collapsing share price and repeated allegations about his personal life, which White said he “strenuously and unequivocally” denies.

Billionaire founder of WiseTech Richard White will step down as executive chairman, saying media reports about a criminal investigation were creating an “unnecessary distraction”.

July 7 : Australia's WiseTech Global said on Tuesday that co-founder Richard White would step down as executive chair, effective immediately, while Raelene Murphy had been…

The billionaire founder of WiseTech Global said he was stepping down as the company's chair after "recent personal media attention" created an "unnecessary distraction" from the…

Read everything that’s happened in the news so far today.

Company roiled by a series of scandals involving White and his personal life. Read more at straitstimes.com. Read more at straitstimes.com.

While he remains on the board as an executive director, the company’s independent board has effectively only half killed the king.

WiseTech co-founder Richard White has stepped down as executive chair amid a police probe, but stays on the board as chief innovation officer. Shares rose.