Australia's WiseTech sinks after directors step down over differing views on founder's role
WiseTech Global said on Monday four of its non-executive directors have decided to step aside owing to differing views around the role of the company's billionaire founder and former CEO Richard White, sending its shares tumbling 18%.
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Lisa Brock, Richard Dammery, Michael Malone and Fiona Pak-Poy are set to resign after the company's half-year results are released on Wednesday.
WiseTech said in October that White would step down from his role as CEO after media reports of allegations about his personal life, including payments to an alleged former lover.
The company had appointed finance chief Andrew Cartledge to serve as the interim CEO during the transition. The 69-year-old White returned to WiseTech after a 30-day break as a consultant on a minimum 10-year contract, under the newly created title of «founder and founding CEO».
Later, WiseTech started an external governance review. The initial findings largely cleared White of wrongdoing, though it acknowledged that his management style might be perceived by some employees as intimidating.
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