WiseTech GlobalPrivate▲ Positive
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Richard White steps down as executive chair, removing a distraction that had weighed on the stock, leading to a 10.6% share price rise.
WiseTech Global co-founder Richard White has stepped down as executive chair effective immediately, with Raelene Murphy appointed independent chair. White said recent personal media attention was creating an unnecessary distraction from the company's business, while strenuously denying the allegations. Murphy, who joined the board at the start of the year, was named lead independent director in May. Shares of WiseTech rose as much as 10.6% to A$39.12, their highest since June 15, and were the top performer in the S&P/ASX 200 index. The stock has lost nearly 70% since allegations about White's personal life first surfaced in late 2024.
Richard White steps down as executive chair, removing a distraction that had weighed on the stock, leading to a 10.6% share price rise.