Key facts
- Richard White has resigned as executive chair of WiseTech Global.
- Raelene Murphy has been appointed as the new independent chair.
- White denies allegations of personal misconduct reported in the media.
- WiseTech shares increased by 8.1% following the announcement.
- White will remain as chief innovation officer and a board director.
Richard White, co-founder of Australian logistics software company WiseTech Global, has resigned as executive chair amid media allegations. Raelene Murphy, who joined the board earlier this year, has been appointed as the new independent chair. White denied the allegations, stating they create an unnecessary distraction and could encourage short-selling activity. WiseTech shares rose 8.1% on Tuesday afternoon, adding nearly $1bn to its market value, following the announcement. The company's stock had previously collapsed in value over the prior 12 months, losing nearly 70% since allegations about White's personal life first emerged. White will continue as chief innovation officer and a board director. Murphy defended White, stating her personal experience is at odds with media reports. Analysts at RBC Capital Markets commented that while structural improvements in board composition are positive, the market will be looking for evidence of independent operation from the refreshed board, CEO, and Chief Innovation Officer.