WiseTech Founder Richard White Resigns After Shares Crash Amid Conduct Allegations

Oct 24, 2024, 06:01 AM

Richard White, billionaire founder and CEO of Australia's WiseTech Global Ltd., has stepped down from his position following damaging allegations regarding his personal conduct, including inappropriate relationships and workplace misconduct. White recently settled a court battle with alleged former lover Linda Rogan over a $90,000 dispute, a saga that has reportedly cost him $3 billion due to the decline in WiseTech's share price. Additionally, a top director accused White of 'bullying and intimidation,' making the company environment unbearable. White will immediately relinquish his roles as CEO and director, take a short leave, and then return as a consultant with an annual remuneration of $1 million. The developments mark a significant shake-up for WiseTech, a company White founded 30 years ago.