By Stuart Condie
SYDNEY--WiseTech Global is working on succession planning for scandal-hit Executive Chair Richard White after shareholders told the logistics-software provider that they want a new CEO.
The Australian company on Monday said that its board and co-founder White had made significant progress on a detailed succession plan. The board, including two new directors announced Monday, will consider the plan and update the market within weeks.
WiseTech surveyed shareholders following months of turmoil in which White quit as CEO before returning as executive chair. It did not give any details about the form of the succession plan.
"Shareholders expect an orderly, seamless and gradual transitioning, over a reasonable timeframe, to a new CEO," WiseTech said.
Shareholders want White to support the new CEO, and for the company to maintain operational continuity, product innovation and a growth focus, WiseTech added.
Earlier this month, WiseTech said it had warned White about his future behavior following a string of personal allegations against him that led to billions of dollars being wiped from its market value.
WiseTech shares have lost about 40% 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.
In October, WiseTech hired a pair of law firms to assist in an internal review of White's behavior and company governance. On Monday, WiseTech said that shareholders want to see a summary of the review's findings.
It did not immediately say whether it would comply.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
March 30, 2025 19:33 ET (23:33 GMT)
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