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WiseTech Global shares jumped more than 10% on Tuesday after the Australian logistics software company announced that co-founder Richard White had stepped down as executive chair with immediate effect. Independent director Raelene Murphy has been appointed as the company's new chair, a move investors welcomed as the firm works to strengthen corporate governance.
The stock climbed as much as 10.6% to A$39.12, marking its highest level since mid-June and making WiseTech the top-performing stock on the S&P/ASX 200 index.
Murphy, who joined the board earlier this year, was named lead independent director in May before assuming the role of independent chair. She expressed confidence in White, stating that her personal experience working with him differed significantly from recent media reports.
White said his decision to step aside was intended to prevent ongoing personal media coverage from distracting investors from WiseTech’s business performance. He firmly denied all allegations reported in the media, describing them as false and stating that they were unrelated to the company’s operations.
In late June, Australian media reported that the Australian Federal Police were investigating White over allegations involving the exploitation of a woman’s immigration status for sexual purposes and claims of providing false information in a visa application. White has strongly rejected those allegations.
WiseTech reiterated that the reported investigation concerns White in his personal capacity and said it remains unaware of any official investigation as described in media reports. The company added that its board and external advisers will continue to monitor developments as necessary.
Despite Tuesday’s rally, WiseTech shares remain down nearly 70% from levels seen before allegations surrounding White’s personal life emerged in late 2024.
Analysts at RBC Capital Markets said the leadership transition and board changes represent positive governance improvements. However, they noted that investors will likely seek clear evidence that the refreshed board, along with the company's CEO and Chief Innovation Officer, can operate independently before assigning a significantly higher valuation to WiseTech shares.
