WiseTech Rises After Board Clears Executive Chair of Allegations
By Stuart Condie
SYDNEY--Shares of WiseTech Global pared recent losses after the logistics-software provider said a board review into its executive chair found no evidence to support allegations of misconduct.
The Australia-listed stock was more than 3% higher after about 30 minutes into Friday's session, putting it on course for its best day in more than two weeks. It had fallen almost 10% across six sessions before snapping the run on Thursday.
In October 2024, WiseTech appointed two law firms to support and advise its board on its response to Australian newspaper reports of allegations against Richard White.
Allegations against co-founder White, who was chief executive at the time, included that he spent company funds on people with which he was in close personal relationships.
In an announcement released Thursday evening, WiseTech said that lawyers had found no evidence to support those allegations.
"The investigation into all of these outstanding matters has been completed," WiseTech said.
"There are no further matters to be determined as part of the board review or requiring further enquiry."
Shares in WiseTech, which services more than 16,500 global logistics providers, were 3.1% higher at 70.14 Australian dollars, which is equivalent to US$46.38.
The stock was trading close to A$140.00 last year before White stepped down as CEO following a string of personal allegations by Australian newspapers.
White, who is WiseTech's largest shareholder, remained active at the company, which saw its chair and three other directors quit.
White subsequently retook control as executive chair, remaining in the position even as WiseTech warned him about his behavior.
After acknowledging that he should have reported some personal relationships to the board, White hired Zubin Appoo as chief of staff in April and announced him as CEO in July.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
December 18, 2025 19:11 ET (00:11 GMT)
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