WiseTech Global shares slide on board changes
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More news: WiseTech Global shares slumped in early trading after the logistics software group announced the appointment of two new non-executive directors, as two board members resigned.
WiseTech shares were down 1.72% to $107.06 at 10:40am AEST, after rallying more than 40% since early April.
WiseTech appoints two new directors as two resign
The news: Software giant WiseTech Global has appointed two new non-executive directors as part of the company's board renewal program that followed an exodus of board members earlier this year.
The numbers: Sandra Hook and Rob Castaneda will join WiseTech as independent non-executive directors on 1 July, subject to customary background checks.
The context: Hook is an experienced chair and non-executive director, having previously held senior leadership roles at media groups News Limited, Foxtel and Fairfax. She is currently chair of NextEd Group and non-executive director at ICE Group, auDA and End Food Waste CRC.
Castaneda is founder and CEO of US-based platform services company ServiceRocket.
As part of the board renewal program, Charles Gibbon has told the company he will retire as a non-executive director on 30 June. Gibbon joined the board in 2006, served as chair from 2006 to 2018, and has been a shareholder since 2005.
Michael Gregg will also retire as a non-executive director ahead of the company's annual general meeting in November. Gregg was an early investor in WiseTech and only rejoined the board in February after four of WiseTech’s six-person board resigned in February over founder Richard White’s continued involvement with the business. He previously sat on the board for 17 years until 2022.
Gregg and Gibbon are both founding partners of Shearwater Capital, which is an investor in Capital Brief.
WiseTech said its board is continuing to interview additional director candidates, with a view to appointing one or more additional independent non-executive directors by the end of the calendar year.
White — who was re-appointed to the board as executive chairman in February shortly after standing down as CEO following a scandal over his private life — secured a new 10-year employment agreement with the company in April.
WiseTech appointed two new non-executive directors — former UPS executive Chris Charlton and former chair Andrew Harrison — in March.
The source: ASX
