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WiseTech (ASX:WTC) has found itself the subject of a massive share sell-off again, and once again (reportedly) borne from the loins of founder Richard White.
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Four independent NEDs ditched Wisetech on Monday – Lisa Brock, Richard Dammery, Michael Malone, and Fiona Pak-Poy – after, in WiseTech’s words, “determining it is in the best interests of the company to stand aside.”
This comes after White stepped down from his acting role as company chief (but remained a shareholder) last year when it broke White had allegedly swapped business ‘advice’ for sex with two women who weren’t his wife.
Alongside Mineral Resource’s Chris Ellison, it was one of two big high-profile chief executive bungles of CY2024. While it looked like it was just those two women involved – one of whom apparently reached out to Richard on LinkedIn – the share price did okay. But that mightn’t be the case this time.
The reason those four NEDs have walked? Richard White. WiseTech said as much. The company said the departures followed “intractable differences.”
It sounds like White stayed firm, and so the directors walked off – as opposed to the directors convincing White to go away. Clearly, the founder of WiseTech is close to the brainchild. Perhaps that’s fair.
Shares tanked around -20% on Monday following this news, and, the revelation WiseTech guidance will be at the lower end of its FY25 estimated scope.
Also on Monday, The Australian Financial Review published a probably-quite-upsetting-to-read-for-Richard feature into his marriage, where it looks a lot like his wife Zena Nasser may have been the one who tipped off the AFR about Richard White’s affairs in the first place, given the article cites one text from Nasser directly naming an AFR columnist.
Yikes.
WTC last traded at $99.24/sh.
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