WiseTech shares rise after Richard White resigns as executive chair amid police investigation
News Source
β’Tue, 07 Jul 2026 05:23:14 GMT
π° What Happened
Richard White has resigned as executive chair of WiseTech, the Australian tech company he co-founded. He is under police investigation over allegations he exploited a worker for sex. White denies the claims. He will stay on as a board director and chief innovation officer. The company's share price rose 8.1% after the announcement, adding nearly $1 billion to its market value. Raelene Murphy has replaced White as chair.
π The Backstory
WiseTech was once worth more than $40 billion in July 2025. But the company lost value after reports of the police investigation emerged. By Tuesday, the company was worth less than $13 billion. Investors sold shares in June after newspapers reported police were investigating White. The scandal has shaken confidence in the company. WiseTech is one of Australia's biggest tech success stories. It makes software for logistics and shipping companies around the world.
π― Why It Matters
This story shows how a corporate scandal can destroy billions in value. It affects Australian investors and the tech industry's reputation.
Richard White has resigned as executive chair of WiseTech, the Australian tech company he co-founded. He is under police investigation over allegations he exploited a worker for sex. White denies the claims. He will stay on as a board director and chief innovation officer. The company's share price rose 8.1% after the announcement, adding nearly $1 billion to its market value. Raelene Murphy has replaced White as chair.
WiseTech was once worth more than $40 billion in July 2025. But the company lost value after reports of the police investigation emerged. By Tuesday, the company was worth less than $13 billion. Investors sold shares in June after newspapers reported police were investigating White. The scandal has shaken confidence in the company. WiseTech is one of Australia's biggest tech success stories. It makes software for logistics and shipping companies around the world.
This story shows how a corporate scandal can destroy billions in value. It affects Australian investors and the tech industry's reputation.