Former WiseTech Global chair Andrew Harrison | Australian Markets
Former WiseTech Global chairman Andrew Harrison has returned to the board he departed simply a 12 months in the past to fill the position of lead impartial director.
The $27 billion software program logistics giant has been left scrambling to fill seats across the boardroom desk following the shock departure of 4 administrators who abruptly stop their posts in protest over the continued position of controversial founder Richard White.
Chair Richard Dammery and fellow non-executive members Lisa Brock, iinet founder Michael Malone and Fiona Pak-Poy walked away after the company launched its half-year leads to late February citing “intractable differences in the board and differing views” on Mr White’s future position at WiseTech.
Mr White — WiseTech’s greatest shareholder with 36.7 per cent as of December — stop as chief government 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 that he had been in a relationship with.
He regained control of the company days after the 4 board members walked however promised buyers he was back for “the long haul”.
WiseTech on Monday stated Mr Harrison — who chaired the company for 9 years till March 2024 — would take over as lead impartial director from not too long ago re-appointed director and main shareholder Mike Gregg.
“Given Andrew’s prior tenure and role as chair of WiseTech and his skillset and depth of experience with the company, he will be able to make a substantial and immediate contribution to the continuity and governance of the company,” WiseTech stated.
Mr Harrisn may also function a member of the board’s audit and risk committee and as chair of the people and remuneration committee.
He shall be joined by Chris Charlton, who spent 35 years in customs and worldwide trade, with the final 26 years at United Parcel Service.
“Throughout his career Chris has developed a deep understanding of CargoWise and the way WiseTech Global develops its products and interacts with customers and the logistics industry,” WiseTech stated.
As a signal of growing unease in some quarters over Mr White’s return to a place of management control as government chair, AustralianTremendous final week revealed it had offered its remaining $580 million stake in WiseTech.
The super fund, an investor in WiseTech since its 2016 share market float, stated the final of what had been a 2.6 per cent stake within the company had been offloaded in latest weeks “because recent developments have not met our expectations”.
AustralianTremendous’s head of Australian equities, Shaun Manuell, stated WiseTech’s governance had fallen short of the fund’s expectations.
The findings of a board-commissioned impartial investigation by law firm Seyfarth Shaw and launched earlier this month confirmed Mr White made incomplete and, at instances, deceptive disclosures about personal relationships.
The board’s choice to take no additional motion, regardless of admitting three separate issues are but to be investigated, was criticised by the Australian Shareholders Association.
Shares within the company are down more than 40 per cent because the accusations about Mr White’s conduct have been made public late final 12 months. They shed a additional 10 % since his return to the board.
They have been trading up 0.6 per cent to $80.53 at 9.40am.
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