Scandal-hit Richard White tightens WiseTech grip | Australian Markets
Scandal-plagued billionaire Richard White has signed a new 10-year employment deal with WiseTech Global in a transfer that tightens his grip on the $28 billion software program logistics giant.
Mr White, 70, will keep his $1 million pay he has obtained per yr since 2015 in a new position of chief innovation officer, along with his position as chair.
Mr White — WiseTech’s greatest shareholder with 36 per cent — stop as chief govt and resigned from the board in October amid revelations about his conduct, together with allegations that used his affect to gain sexual favours, and paid for a multimillion-dollar home for an worker he had been in a relationship with.
He regained control of the company as govt chair in late February simply days after a boardroom exodus, promising traders he was back for “the long haul”.
“My return to employment at WiseTech as executive chair and chief innovation officer reflects my long-term commitment to continuing WiseTech’s track record of delivering strong shareholder returns,” Mr White informed the market on Wednesday.
“I am focused on implementing WiseTech’s product-led innovation strategy and ensuring we have a strong succession plan in place to maintain our growth momentum.
“I am confident of WiseTech’s future growth prospects, our ability to execute our strategy and the strength of our high calibre senior changes.”
In addition, WiseTech has additionally appointed its former staffer Zubin Appoo to the newly created position of chief of workers and deputy innovation officer, reporting to Mr White.
The company remains to be but to nominate a everlasting chief govt. Finance boss Andrew Cartledge is performing within the position and has flagged his intention to remain past his initial retirement plans on the finish of the yr.
WiseTech mentioned it had progressed its seek for a everlasting CEO, with a number of robust and exterior candidates recognized for the position.
Shares in WiseTech closed down one per cent to $84.04 and are nicely down from their 2025 peak in February of $130.
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