Wisetech Global’s former CEO, Richard White, finally has a new job at the logistics software company he founded 30 years ago – executive chairman.
The appointment follows the resignation of former chair Richard Dammery and three other non-executive directors, Lisa Brock, Michael Malone and Fiona Pak-Poy, on Monday in a battle for control of the business following a series of allegations about White’s behaviour.
“The Executive Chairman will lead the company’s product development and growth strategy. His remuneration is to be agreed, but will not exceed his pre-October 2024 CEO salary,” WiseTech (ASX:WTC) told the market this morning as the company released its half-yearly results.
White owns around 37% of WiseTech shares through his company, RealWise Holdings, having bought out his cofounder and WiseTech director Maree Isaacs, in December.
Despite the turmoil in the business over the first half of the 2025 financial year (H1FY25), with White stepping down as CEO last October amid a slew of allegations about his behaviour with women, the company performed strongly, despite delays in the release of its new products ComplianceWise and CargoWise Next.
Dividend up 31%
Total revenue to December 31 grew by 17% (5% organically) to $381 million. EBITDA for H1FY25 was up 28% on 12 months ago to$192.3 million, with the margin expansion growing by 5% to 50%. Statutory Net Profit After Tax (NPAT) rose 38% on HIFY24 to $106.4 million. The company declared an interim dividend of 6.7 cents per share, up 31% on this time last year.
While White was cleared of wrongdoing last year following an external legal review, which found “no evidence” of policy breaches, the depleted board will continue its review into his actions, sans the new chairman, led by new director Mike Gregg, the Shearwater Capital founder, who’s been appointed Lead Independent Director. Shearwater Capital’s Charles Gibbon who’s been a WiseTech director since 2006 will work alongside Gregg in running the People & Remuneration Committee, as well as overseeing governance-related matters and the hunt for new board members.
WiseTech said Gregg will request a briefing from Seyfarth Shaw – the law firm that found “no evidence” of policy breaches by White last year – in the coming days “as to the scope and status of their review and will seek to ensure all relevant parties are interviewed, and that a thorough approach with due process is followed”.
The former board told the market at the time that: “Seyfarth Shaw found that White has a direct approach and that from time to time is involved in robust and challenging discussions. This is generally consistent with the process of ‘creative abrasion’, which was widely acknowledged in the Review to create significant value for the organisation”.
The review examined five key allegations against the billionaire, including a failure disclose to the board several “close personal relationships” at work, misuse of company funds and claims of bullying, harassment and intimidation by former director Christine Holman.
WiseTech said today that it expects an update as to the status of the report into the founder will be provided to the market in mid to late March.
When White stepped down as CEO, the logistics software business said he’d return in new full-time, 10-year consulting role, on the same $1 million salary he was paid as chief executive.
But earlier this month, WiseTech confirmed it had not finalised an agreement on the new role, which “was created at the request of Richard White”. Just a fortnight later, the cofounder has an entirely new position, overseeing the corporate governance of the business he founded in 1994.
Meanwhile the company is currently in breach of ASX Listing Rules that require at least three non-executive directors Audit and Risk Committee. The company said that “at least one appointment will occur within 4 weeks” and the business plans to consult with shareholders on the skillset for the board going forward.
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