WiseTech founder Richard White takes control of board after directors’ revolt

[Pelican Press 0]

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WiseTech founder Richard White takes control of board after directors’ revolt

WiseTech founder Richard White has regained management control of the software group as executive chair, despite it still investigating allegations against the billionaire.

The appointment comes just days after WiseTech chair Richard Dammery and three other directors said they were stepping down over “intractable differences” in relation to Mr White’s ongoing role.

WiseTech said on Wednesday Mr White would help oversee succession planning at the company, including the appointment of a new chief executive, while leading product development and its growth strategy.

Monday’s walkout by Mr Dammery — along with Lisa Brock, iinet founder Michael Malone and Fiona Pak-Poy— shaved more than $9b off the company’s market capitalisation, prompting a ‘please explain’ letter from the *********** Securities Exchange.

Mr White has been working in a consulting capacity for the firm after being pressured to resign as chief executive in October last year over allegations he unduly used his influence to gain ******* favours, paid for a multimillion-dollar house for an employee that he had been in a relationship with, and awarded a lucrative contract to a then-lover.

He had also been accused of “sustained intimidation and bullying” by former director Christine Holman.

A legal and accounting review in November concluded Mr White did not act inappropriately, found he disclosed all close personal relationships in the workplace, did not misuse company funds, and said there was no evidence of bullying, intimidation, or unlawful behaviour.

But Mr White has been dogged by new reports in the *********** Financial Review earlier this month that revealed three more women had come forward with allegations of inappropriate behaviour against him, including one from an employee and another from a supplier.

WiseTech on Wednesday said Mike Gregg had joined the board as lead independent director and will be in charge of governance, including overseeing the completion of the board review.

The company on Wednesday also announced a 38 per cent increase in interim net profit to $US106.4 million as revenue grew 17 per cent to $US327m.

The interim dividend was increased to US6.7 cents a share.

More to come

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