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Wisetech Global Ltd (ASX:WTC) shares plunged 22% on Monday, hitting A$94.0, their lowest since August 2024, after four independent directors, including Chairman Richard Dammery, resigned over a dispute with founder and major shareholder Richard White. The mass exodus follows “intractable differences” with White, who will now present Wisetech’s interim results on Wednesday as “Founder and Founding CEO.” Andrew Cartledge and Caroline Pham will serve as Interim CEO and CFO, respectively.
White, ousted as CEO in October 2024 after 30 years due to misconduct allegations, still holds a 37% stake, making his influence over the company significant. While some allegations were dismissed in a board review, fresh misconduct claims have emerged, further unsettling investors.
Adding to Wisetech’s woes, the software giant forecasted annual revenue at the lower end of its A$1.2-A$1.3 billion guidance due to delays in product rollouts. However, the firm expects its EBITDA margin to reach the upper limit of its 50%-51% target, thanks to efficiency measures.
The turmoil sent Wisetech’s stock tumbling as the worst performer on the ASX 200, which dropped 0.5%. Investors are bracing for further volatility as leadership uncertainty and revenue concerns cloud the company’s outlook.
