By Stuart Condie
SYDNEY--Australia's WiseTech Global warned Executive Chair Richard White about his behavior following a string of allegations against the co-founder that led to billions of dollars being wiped from its market value.
WiseTech on Wednesday said that White, who last year stepped down as chief executive before retaking control of the logistics-software provider last month, acknowledged that he should have reported some personal relationships to the board.
WiseTech, which counts many of the world's largest freight forwarders among its customers, said it will strengthen its code of conduct including rules on disclosure of relationships connected to the company.
"A number of the matters are serious in nature. Such conduct is not acceptable and must not be repeated," WiseTech said.
The Australia-listed company said that lawyers engaged to review allegations against White are still considering three matters.
WiseTech said it was conscious of the expertise and value that White brings to the company, and was considering how to respond to shareholder feedback over White's conduct.
WiseTech shares have lost more than a third of their value since October, when the company initially acknowledged allegations against White published in an Australian newspaper. WiseTech subsequently downgraded its outlook, blaming delays to new products stemming from White's shifting role.
"Mr. White understands the importance of his role in creating and influencing the culture of the business, and the seriousness of his actions," WiseTech said.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
March 18, 2025 18:59 ET (22:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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