WiseTech Under Scrutiny Amid CEO Controversy, Shares Plummet

On Monday, WiseTech Global revealed it was investigating several issues related to its CEO following media allegations about his personal life, including claims involving financial arrangements with a former intimate partner. This announcement triggered an 18% drop in the company’s share price.

Several media outlets, including the Australian Financial Review, reported that a woman who had been in a relationship with Richard White, WiseTech’s billionaire CEO and founder, made various accusations against him in late 2020, some involving inappropriate behavior.

While White was unavailable for comment, WiseTech Global stated it would not provide further remarks on the matter.

The company’s shares plummeted by as much as 18.3%, marking their worst trading performance since August 2023. By the end of the session, they had recovered slightly, down 12.8%.

Tim Waterer, a market analyst at KCM Trade, noted that the uncertainty surrounding the allegations weighed heavily on WiseTech’s stock, leaving investors questioning the potential impact on White’s future at the company.

The Australian Financial Review also reported that White, 69, had reached out to several female entrepreneurs through texts and social media, offering professional support that allegedly escalated into inappropriate or suggestive exchanges.

Since early October, when news of White’s personal matters first surfaced, WiseTech’s stock has declined by more than 11%. Meanwhile, White has reduced his ownership of the company. According to a recent filing, between October 11 and October 17, White sold 351,038 shares.

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