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WHITE OUT: WiseTech founder resigns as CEO and from Tech Council board
- Richard White has resigned as CEO of WiseTech Global, resigned from its board, and also as a director of industry lobby group the Tech Council of Australia.
- The billionaire stepped down following media reports and allegations of inappropriate behaviour towards women, and legal action against a woman who alleged she'd been his lover over $92,000 worth of furniture.
- White had also used suggestive or crude language with several female entrepreneurs on social media.
- Additionally, former WiseTech director Christine Holman’s resignation letter accused him of sustained intimidation and bullying.
- WiseTech shares have fallen more than 20% this week to below $100 amid ongoing scandals around the founder, who owns around a third of the business.
- White plans to take a short period of leave, then will return to a new full-time consulting role, focused on product and business development, on the same $1 million salary he was paid as CEO.
- WiseTech is now on the hunt for a new CEO. CFO Andrew Cartledge has stepped in as interim CEO.
- Governance specialist Helen Bird said the saga raises serious questions about how the business operates and the effectiveness of its board.
- It is apparent that the CEO had the board in a thrall and there is a need to reconsider how effective has been the oversight of company operations by the board.
- The company also needs to take a hard look at its governance.
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