AustralianSuper has divested its stake in WiseTech Global, stating that the company's recent handling of founder Richard White's transition did not meet its expectations. The country's largest pension fund revealed that it no longer holds an active shareholding in WiseTech, having sold approximately A$580 million worth of stock to close its 1.9% position over the past couple of weeks.
White, the largest shareholder of the logistics software company, stepped down as chief executive in October 2024 following media reports of allegations regarding his personal life, including payments to a former sexual partner. Andrew Cartledge, the firm's finance chief, was appointed interim CEO to succeed White.
White remarked in October, shortly after a lawsuit concerning the allegations was filed, that it had been "a challenging time" for himself, his family, and the company he had built and loved. In February, he made a return to the firm's leadership as executive chair.
In March, it was revealed that White's disclosures about his personal relationship to the board were deemed inaccurate, incomplete, and misleading, leading to scrutiny of his previous statements.
AustralianSuper stated, "We needed to see a sensible transition plan that balanced governance with managing the founder's role to continue as a shareholder." They concluded that the recent developments did not align with their expectations but indicated a willingness to reconsider their position should circumstances change.
WiseTech Global has not yet responded to requests for comment.