Billionaire Richard White stands down as CEO
Written by admin on October 24, 2024
Billionaire WiseTech Richard White has stood down as chief executive and executive director of the tech company he founded after weeks of sensational headlines about his personal life.
In a statement to the ASX, the board of WiseTech White will stand down immediately and take “a short period” of personal leave before taking on a new advisory role in the company he founded 30 years ago.
The announcement follows media reports about his interactions with women and a lawsuit with a former lover, that has been settled. He has denied allegations of any improper behaviour.
Mr White refused to comment when approached by The Australian after the announcement.
“I has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love,” Mr White said in the statement.
“I want to assure all those who have supported WiseTech as customers, colleagues and shareholder that I remain absolutely committed to seeing this incredible organisation continue to thrive and grow in the coming years.”
The statement said Mr White remained “passionately committed to WiseTech and its future”.
“His clear desire is to concentrate fully on the product vision and business development initiatives for WiseTech as it continues its journey to be the operating system for global logistics,” it said.
Mr White said he had been discussing “the evolution of the company and succession of the CEO role for many months” with WiseTech chair Richard Dammery.
“As WiseTech is a product led innovator, it follows that directing my passion, energy, and motivation, to creation of breakthrough product developments that solve the deep problems found in the complex world of global logistics is my highest and best use,” Mr White said.
“I strongly believe that now is the right time for me to make this transition and the board agrees.
“This new role will allow me to focus on product and business growth, to create even greater value for shareholders and customers over the long term.”
Mr Dammery praised Mr White for “putting the company first”.
“Richard is a true giant of the Australian technology industry and he has built one of our most remarkable corporate success stories,” Mr Dammery said.
“By proposing this change in role, Richard has put the company and its shareholders first.”
Mr White will take part in WiseTech Global’s annual general meeting on November 22 and the investor day on December 3.
Chief financial officer Andrew Cartledge will act as interim chief executive.
WiseTech’s shares fallen significantly following allegations about Mr White’s personal life.
