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By Sameer Manekar and Rajasik Mukherjee
(Reuters) -Australian logistics software maker WiseTech Global appointed former CEO Richard White as its executive chairman on Wednesday, even as the firm's board and investors remain split over the billionaire founder's role following a flurry of controversies.
The move comes as the company navigates a tumultuous period marked by media allegations of misconduct, corporate governance concerns and a sagging share price.
WiseTech, which was founded by White in 1994, has seen its stock price whipsawed over the past few months, losing around 14% since last October, when the tech firm said it had been reviewing matters related to White.
The media furore about White's personal life prompted the founder to step down and transition to a long-term consulting role in late October.
Shares of the firm were trading 2.5% higher at A$96.91 per share, as of 0306 GMT. Earlier in the day, the stock rose as much as 8.4%, marking its best intraday percentage gain since October 25, 2024.
Philip Pepe, a senior equities analyst at Shaw and Partners, noted that some investors would have been concerned if White had severed ties with the company, as he has been "instrumental in driving the product vision" at WiseTech.
Chairman Richard Dammery along with three other directors are set to step down from the board due to "intractable differences" and "differing views" around White's role, the company said.
Now appointed executive chairman, White will oversee succession planning, including finding a permanent CEO, alongside the nomination committee.
Andrew Cartledge, former chief financial officer, is currently serving as the acting CEO.
Separately, WiseTech also reported underlying net profit after tax of $112.1 million in the first half of fiscal 2025, a 34% jump from a year earlier, helped by strong growth in its flagship software CargoWise.
($1 = 1.5755 Australian dollars)
(Reporting by Sameer Manekar & Rajasik Mukherjee in Bengaluru; Editing by Alan Barona, Rashmi Aich and Lincoln Feast.)
