Billionaire CEO and founder of logistics company WiseTech Global Richard White has stepped down. It follows allegations of bullying and misconduct.
An investigation by Nine newspapers alleged White gave multi-million dollar properties to multiple women with whom he was having a sexual relationship. One of these women is reportedly an ex-WiseTech employee.
White said the past week has been a “challenging time for me personally, my family and close friends, and for the company that I have built and truly love”.
Richard White
Richard White founded the global logistics company WiseTech in 1994.
The company focuses on modernising global supply chains.
There are now multiple arms of the business, including CargoWise, which describes itself as an innovator for international shipping logistics, and WiseTech Academy, which provides professional industry courses to exporters and importers.
Forbes estimates White is worth more than $US9.5 billion ($AU14.3 billion).
Allegations
This week, Nine newspapers published a series of stories about White’s personal and professional life.
It reported that in 2020, White told the board of WiseTech he was facing legal allegations from a former partner over a house he bought her in 2018. The case has since been settled.
The investigation also alleged White had had a seven-year relationship with a woman who became a WiseTech employee while they were together. He bought her a $7 million property in Melbourne in 2022, after their relationship ended.
The Nine investigation found White’s wife Zena Nasser applied for, and then withdrew, an apprehended violence order against White in 2021. Nasser and White married this year and now have a child.
It also found evidence of White allegedly reaching out to female entrepreneurs, initially offering professional advice before veering into sexual messaging.
More women have emerged saying they had had relationships with White. One woman told The Australian she had a casual relationship with White before Nasser reached out to her asking her to stop contacting him.
Court
Nine newspapers have also reported that last year, Sydney laser clinic owner Linda Rogan brought a legal claim against White.
Rogan said White had bought her a $13.1 million Vaucluse property, which she had spent $91,400 to furnish. She sought compensation for the money spent on the furniture.
Rogan also alleged White expected a sexual relationship in exchange for him buying a stake in one of her businesses.
The case settled this week, meaning the allegations haven’t been legally tested.
Bullying
In late 2018 former Telstra executive Christine Holman joined the board of WiseTech. She left 10 months later.
In a note to the board explaining her resignation, Holman accused White of “sustained intimidation and bullying”.
She said White had engaged in “unacceptable behaviour”, including sending aggressive emails, publicly berating staff, and ridiculing others during important meetings.
It’s not clear if Holman was a target of White’s alleged bullying. WiseTech did not comment on the memo.
Resignation
On Thursday, WiseTech announced in a statement to the Australian Stock Exchange (ASX) White would step down as the company’s CEO.
He’s transferred into a “full-time, long-term consulting role” for WiseTech earning an annual salary of $1 million.
While he did not address any of the allegations raised in the media, White said: “It has been a challenging time for me personally, my family and close friends, and for the
company that I have built and truly love.”
Company value
WiseTech’s share price tanked earlier this week, losing roughly 25% of its value after the stories broke.
It’s estimated roughly $8 billion was wiped off the value of the company after the allegations surfaced.
Since White’s resignation yesterday, the company’s share price has risen 14%.