WiseTech extends gains after CEO Richard White transition
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The news: WiseTech extended gains on the ASX after the technology company's chief executive Richard White stood down with immediate effect last week, following a raft of allegations about his private life.
The numbers: WiseTech shares were up 1.51% to $113.69 by 2:50pm AEDT. The stock closed 12.7% higher on Friday after a week of volatile trading on the ASX. The wider IT sector is up 1.68% while the ASX 200 is down 0.05%.
The context: WiseTech rebounded after initially plunging last week, after allegations that White had expected wellness entrepreneur Linda Rogan to enter into a sexual relationship with him in exchange for investment in her business.
White, who on Friday also resigned from his role as a board member of the Tech Council of Australia, reached a settlement with Rogan last week following a Federal Court battle over a bankruptcy notice White issued to Rogan relating to a $90,000 furniture bill.
White will return to WiseTech in a new full-time, long-term consulting role as founder and founding CEO when he returns from a short period of leave.
