WiseTech shares rise after Richard White resigns as executive chair amid police investigation | Australia news

Richard White has resigned as chairman of WiseTech, the Australian tech company he co-founded, and denied allegations that he exploited a worker’s financial and visa status for sex.

The company announced Tuesday that White will remain as a board director and chief innovation officer, succeeding Raelene Murphy as president.

The announcement provided a refresh for the struggling software company, sending its share price up 8.1% on Tuesday afternoon, adding nearly $1 billion to its market value.

WiseTech’s valuation had collapsed in the last 12 months; The company was valued at more than $40 billion in July 2025 and was less than $13 billion on Tuesday.

Investors were sold out in June after Nine newspaper reported that police were investigating allegations that White had forced a cleaner into sexual intercourse and provided false information for a visa application.

In a statement from WiseTech on Tuesday, White denied the allegations and said they may encourage investors to bet against the company.

“The recent personal media attention is an unnecessary distraction from the strength of WiseTech’s business,” he said.

“As I have stated before, I strongly and clearly deny the allegations that have recently appeared in the media.”

White said he will focus on WiseTech’s growth strategy while continuing in his role as chief innovation officer. The software-as-a-service company has come under pressure from artificial intelligence and began laying off 30% of its workforce in May.

The AI ​​boom has hurt WiseTech’s market value, while scrutiny of its co-founder has raised investor concerns and put pressure on its share price.

White resigned as chief executive in 2024 after weeks of damaging revelations about his personal life tarnished the software company’s reputation. A review commissioned by the company in November 2024 cleared him of allegations of bullying and intimidation.

He returned to leadership as executive chairman in February 2025 after four board members resigned due to persistent disagreements over his continued tenure. WiseTech’s gradual replacement of lost executives culminated in the appointment of Murphy, now the new chairman, to the board in January.

Murphy defended White in WiseTech’s statement on Tuesday.

“My personal experience working with Richard is completely contradictory to media reports,” Murphy said. “I found him to be an incredibly hard-working, focused and dedicated founder who has built a leading global technology company with tremendous potential to continue to grow stronger and evolve.”

Murphy said the board wants to retain White’s “depth of experience” but will focus on planning for executive succession. Tuesday’s statement highlighted CEO Zubin Appoo’s “strong leadership” in succession planning.

White’s resignation is “another step in the right direction,” RBC Capital Markets analyst Jackson Lee said in a note Tuesday, but investors will want evidence of management improvement before buying again.

“The market will likely want to see ongoing evidence that the renewed board, CEO and chief innovation officer are operating independently,” he said.