WiseTech appoints two new directors, flags succession plan
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The news: WiseTech Global says its board and executive chair have significantly progressed a detailed succession plan, as it announced the appointment of two independent non-executive directors.
The numbers: The beleaguered technology company has named former UPS executive Chris Charlton and former chair Andrew Harrison as its new independent directors. The board is continuing to interview additional candidates with a view to appointing two more independent directors, it said.
Wisetech shares were down 1.2% to $79.08 in early trading on the ASX.
The context: WiseTech said the appointments are a response to a recent engagement survey of its top 50 institutional shareholders. The company said the survey findings showed shareholders expected a clear succession plan and an “orderly, seamless and gradual transition over a reasonable timeframe to a new CEO supported by co-founder and Richard White”.
Wisetech said its board has moved expeditiously to act on the feedback, including through the appointment of independent directors. It expects to provide the market with a further update on a detailed succession plan in coming weeks.
The announcements follow the resignation of four of WiseTech’s six-person board last month over White’s continued involvement with the business. That came after former employee Caroline Heidemann filed legal action against founder Richard White, his wife Zena Nasser and RealWise Management, and as WiseTech confirmed it had received two new confidential complaints relating to White.
Earlier this month, the company said its Audit & Risk board committee was not compliant with ASX listing rules following the resignations, while top pension fund AustralianSuper sold down its 1.9% stake in the company over its recent handling of founder and Executive Chair Richard White's transition.
