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.