Richard White to stand down as WiseTech CEO
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The news: WiseTech chief executive Richard White will stand down as a director and CEO with immediate effect, take a short period of leave, and transition into a new consulting role.
The context: The board said they had agreed to White standing down, following his request. After White returns from leave he will commence a new full-time, long-term consulting role focused on product and business development.
White’s role will change to founder and founding CEO with a 10-year term, with an option to extend for a further five years. He will be paid $1 million per annum, which is the same as his current remuneration and unchanged since 2014.
Chief financial officer Andrew Cartledge will assume the role of interim CEO and will stay on beyond his planned retirement at the end of calendar 2025 as needed by the company. Deputy CFO Caroline Pham will move into the role of interim CFO.
The company noted that a global search for a new CFO was already underway and the board would soon commence a global search for a permanent CEO.
White’s departure comes off the back of a deepening scandal over his private life.
The saga began with wellness entrepreneur Linda Rogan’s Federal Court battle against White over a bankruptcy notice he issued to her relating to a $90,000 furniture bill. Rogan had alleged White expected her to enter into a sexual relationship with him in exchange for investment in her business, but earlier this week she filed a notice of discontinuance after the two parties reached a settlement.
Since then, a raft of further allegations against White have been made in various media reports.
What they said: “It has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love. I want to assure all those who have supported WiseTech, as customers, colleagues and shareholders, that I remain committed to seeing this incredible organisation continue to thrive and grow in the coming years,” White said.
“As WiseTech is a product led innovator, it follows that directing my passion, energy and motivation, to creation of breakthrough product developments that solve the deep problems found in the complex world of global logistics is my highest and best use.
“I strongly believe that now is the right time for me to make this transition and the board agrees. This new role will allow me to focus on product and business growth, to create even greater value for shareholders and customers over the long term.”
Go deeper: Today's The Edition newsletter points out that White's decision to step down and move to a new role was "an apt reflection of the whole saga: vague and riddled with unusual optics". Sign up here to receive The Edition in your inbox every business day.
The source: ASX announcement
