Passionate founder holds back tears before shareholders
Leaders of one of Australia’s biggest tech companies have reassured shareholders that the company is on the right track, despite its share price halving during a year marred by controversy.
Richard White, the billionaire founder of WiseTech, who is currently under investigation along with three of his employees over allegations of improper trading of company shares, fought back tears in his annual speech to shareholders.
“I want to thank the entire WiseTech team for their passion and intelligence, our customers and partners for their trust and collaboration, and of course you, our shareholders, or your continued belief in WiseTech,” said Mr. White, pausing briefly as his eyes filled with tears.
“I’m sorry, I’m so passionate about this company.”
His speech on Friday came a day after the retirement of director Michael Gregg, who announced his departure along with Charles Gibbon in June and became the last member to leave the company’s board in 2025.
“Charles and Mike have provided significant business acumen, thoughtful advice, independent thinking and invaluable insight throughout WiseTech’s journey,” said Mr. White.
“Their impact on this company is truly profound, and their role in history will be remembered well into the future.
“And this year, through their efforts and the efforts of many others, the company has increased its revenue more than 200-fold and become the leading global provider of international trade and logistics software.”
New lead independent director Andrew Harrison took the opportunity to reassure shareholders that the company was on the right track and downplayed speculation about an investigation by the Australian Federal Police and the Australian Securities and Investments Commission.
“Let me be very clear, this matter is only under investigation and no charges have been brought against anyone or any allegations have been made against WiseTech Global,” Mr Harrison said.
“We know that speculation can have real impacts on our people, confidence and shareholder sentiment, but I can assure you that WiseTech has been built on a solid foundation for over three decades through the combination of organic and inorganic growth initiatives and a diverse and highly skilled team.”
WiseTech’s board review process, which includes the work of independent auditors, will continue under the current board.
Mr Harrison was re-elected as a non-executive director but indicated he did not plan to serve a full three-year term after almost a decade at the company.
“Once the new board is fully in place and functioning well, I intend to step down with another non-executive director taking on the role of lead independent director,” he said.
WiseTech’s leadership succession plan included the appointment of Zubin Appoo in July, months after Mr. White appointed him as chairman of the company’s board.
The move follows a series of resignations from the board following complaints about the founder’s behavior, including allegations of bullying and undisclosed affairs.
An independent review later cleared Mr. White of the allegations of misconduct, which he denied.
Investors responded positively to the presentation; WiseTech rose more than four percent to $66.81 an hour before the annual meeting, from a 2.8 percent decline at the start of trading Friday.
The company’s share price has fallen by more than half since hitting an all-time high of $141.61 on the same date last year.
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