(Reuters) -Australia’s WiseTech Global founder and executive chair admitted he should have fully disclosed details of his personal relationship to the board, after a review found his statements were inaccurate, incomplete and misleading. Richard White accepts the board review’s findings and is supportive of a new and more stringent code of conduct, the tech major […]
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Australia’s WiseTech founder White admits to incomplete disclosure after review findings
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(Reuters) -Australia’s WiseTech Global founder and executive chair admitted he should have fully disclosed details of his personal relationship to the board, after a review found his statements were inaccurate, incomplete and misleading.
Richard White accepts the board review’s findings and is supportive of a new and more stringent code of conduct, the tech major said in a statement on Wednesday.
White, the biggest shareholder of the logistics software maker, had stepped down as its chief executive following media reports of allegations about his personal life, including payments to a past sexual partner.
He later made a surprise return to the firm’s top brass, being appointed as executive chair.
The logistics software maker, founded by billionaire White, has been navigating a period marked by media allegations of misconduct, corporate governance concerns and a sagging share price.
The board announced in October that it had appointed Herbert Smith Freehills and Seyfarth Shaw LLP to support and advise on the allegations.
Seyfarth Shaw found that White failed to disclose the nature and duration of his personal relationship at material points in time.
WiseTech’s shares have fallen over 30% since the allegations were first reported in October 2024.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore and Alan Barona)