Source : Perth Now news
Billionaire WiseTech founder Richard White will step down as executive chairman, saying media reports about a criminal investigation are creating an “unnecessary distraction”.
“As I have stated previously, I strenuously and unequivocally deny the recent allegations in the media,” Mr White said in an announcement to the Australian sharemarket on Tuesday.
“Further, I am conscious that personal attacks on me in the media that are unconnected to the performance of the company nevertheless have the potential to encourage short-selling activity.”
He will remain on the company’s board and stay as chief innovation officer.
“Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech’s business,” Mr White said.
“At this time, the senior management team, (chief executive) Zubin (Appoo) and I should be singularly focused on the execution of the company’s growth strategy.”
The Australian Financial Review and Sydney Morning Herald reported last month that the Australian Federal Police was investigating Mr White over claims he exploited a woman’s immigration status and financial insecurity for sex and provided false information on a visa application.
In a statement to the ASX in June, WiseTech stressed the reported allegation related to Mr White in a personal capacity, and he had assured the board he “is not aware of any such investigation”.
“(Mr White) also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking,” the WiseTech statement read.
In October 2024, Mr White stepped down as chief executive of the company he founded after several women made allegations of inappropriate behaviour. A company review into the allegations found Mr White failed to disclose important details about relationships.
WiseTech shares have tanked 66 per cent over the past 12 months, underperforming the ASX tech sector by 29 per cent, but have bounced back 8 per cent in the first hour of trading.
The announcement revealed Raelene Murphy will step in as independent chair.
“My personal experience working with Richard is totally at odds with media reports,” she said in the announcement.
“I have found him to be an incredibly hardworking, focused and committed founder who has built a leading global technology business with enormous potential to continue to grow stronger and thrive.”
More than 17,000 logistics companies worldwide use WiseTech’s software, and the company is worth more than $13bn.
As well as being investigated by the AFP, Mr White is being investigated by ASIC over insider trading allegations. Charges have not been laid in either matter.
In October 2025, federal police and the corporate regulator raided WiseTech’s Sydney headquarters over suspected insider trading by Mr White and three company employees between late 2024 and early 2025. News of the raid wiped about $1bn from Mr White’s net worth.
