On March 19, Australia's WiseTech Global founder and executive chair acknowledged the need for full disclosure regarding his personal relationship to the board, following a review that identified inaccuracies, omissions, and misleading statements.
Richard White has embraced the board's findings and expressed support for implementing a stricter code of conduct, as stated in a release by the technology company.
As the primary shareholder of the logistics software firm, White stepped down as chief executive due to media reports detailing allegations about his personal life, including financial transactions with a previous partner. Despite this, he later unexpectedly resumed his role as executive chair.
The logistics software company, established by billionaire White, has been grappling with a period marked by media accusations of impropriety, concerns about corporate governance, and a decline in its stock value.
In response to these issues, the board disclosed in October that legal firms Herbert Smith Freehills and Seyfarth Shaw LLP were engaged for guidance and assistance in addressing the allegations.
Seyfarth Shaw's investigation revealed White's failure to disclose critical aspects of the nature and timeline of his personal relationship at key junctures.
Since the initial reports of allegations in October 2024, WiseTech's shares have dropped by more than 30%.