Australia's WiseTech co-founder Richard White steps down as executive chair

Australia's WiseTech Global said on Tuesday that co-founder ⁠Richard ⁠White would step down as executive chair, effective immediately, while Raelene Murphy had been appointed independent chair.

Murphy, who joined the logistics software provider's board at the start of ‌the year, was named lead independent director ‌in ‌May before taking on her new role.

Shares ‌of WiseTech were up as much as ⁠10.6% at A$39.12, as of 0028 GMT, hitting their highest level since June 15. The stock is the top performer in the benchmark S&P/ASX 200 index.

"Recent personal media ​attention is creating an unnecessary distraction from the strength of WiseTech's business," White said, adding that he "strenuously ⁠and unequivocally" denies recent media allegations.

In late June, media reports said the Australian Federal Police were investigating White over allegations that he exploited a woman's immigration status for sex and provided false information in a visa application.

"Further, I am conscious that personal attacks on me in the media that are unconnected to the performance of the Company nevertheless have ​the potential to encourage short-selling activity," ⁠White said on Tuesday.

"My personal experience working ⁠with Richard is totally at odds with media reports," said Murphy.

"As always, the Board ​and its advisers will continue to monitor and consider any ‌developments on ⁠matters reported in the media," WiseTech said in a statement.

Shares in the firm have lost nearly 70% since allegations about White's personal life first surfaced ‌in late 2024.

WiseTech said in June that the alleged investigation concerned White in his personal capacity and that the company was unaware of any investigation as outlined in the ​media reports.

"While structural improvements in board composition are positive, the market will likely want to see evidence that the refreshed board, CEO, and Chief Innovation ‌Officer, operate ⁠independently before attributing any ​meaningful re-rating," according to RBC Capital Markets analysts.

(Reporting by Shivangi Lahiri in Bengaluru and ​Byron Kaye in Sydney; Editing by Sherry Jacob-Phillips)