WiseTech Board Quits as Founder White Triumphs in Power Struggle
Live Mint-- WiseTech Global Ltd.’s founder and largest shareholder Richard White appears to have triumphed in a high-level power dispute after almost every board member quit in a disagreement over the billionaire’s role at the company. “Talent has won the day at the expense of corporate governance.” In two days, when the four directors officially leave, White will help present the company’s half-year results as ‘Founder and Founding CEO,’ WiseTech said. It concluded that he “has a direct approach and from time to time is involved in robust and challenging discussions.” The review described this process as “creative abrasion.” Two fresh confidential complaints about White, made by an employee and a supplier, compounded the pressure on WiseTech’s directors to take more substantive action. Gregg was one of the first outside investors in WiseTech, and still holds 4.7 million shares — worth around A$572 million at the last closing price — according to the company’s latest annual report.
History of this topic
What is the WiseTech scandal engulfing the software giant, and who is Richard White?
ABC
WiseTech Global shares plunge as board directors quit over Richard White's ongoing role
ABC
Billionaire Richard White steps down as CEO of WiseTech Global, effective immediately
ABC
How a changing workplace culture caught out billionaire WiseTech boss Richard White
ABCDiscover Related