Personal matters
Both WiseTech Global and Mineral Resources plunged on the ASX on Monday as their respective CEOs face scandals relating to their personal lives.
When does a personal matter become a professional issue? It’s a question the boards of two of Australia’s most prominent founder-led companies will be tasked with answering in the coming days as crises engulfing WiseTech Global and Mineral Resources play out.
WiseTech, the largest listed technology company on the ASX, was the weakest performer among the top 200 on Monday, with its shares sinking by 14.56% off the back of a deepening scandal over its founder and CEO Richard White’s private life.
Iron ore and lithium play Mineral Resources was not far behind, sliding 13.7% after its founder and CEO Chris Ellison was accused by the Australian Financial Review of engaging in tax evasion.
In both instances, the boards of these companies are sticking by their founder CEOs but investigating the matters more deeply.
