On July 7, 2026, Australia's WiseTech Global announced that co-founder Richard White would step down as executive chair, effective immediately. Raelene Murphy, who joined the company's board earlier this year and was named lead independent director in May, has been appointed as the new independent chair.

Shares of WiseTech rose by as much as 10.6% to A$39.12 as of 0028 GMT, reaching their highest level since June 15. The stock became the top performer in the S&P/ASX 200 index.

White addressed recent media attention, stating, "Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech's business," and he "strenuously and unequivocally" denies the allegations reported. In late June, media reports indicated that the Australian Federal Police were investigating White over claims that he exploited a woman's immigration status for sex and provided false information in a visa application.

White also expressed concern that "personal attacks on me in the media that are unconnected to the performance of the Company nevertheless have the potential to encourage short-selling activity."

Murphy commented on her experience, saying, "My personal experience working with Richard is totally at odds with media reports."

WiseTech stated, "As always, the Board and its advisers will continue to monitor and consider any developments on matters reported in the media."

Analysts from RBC Capital Markets noted that while board composition improvements are positive, the market will likely seek evidence that the refreshed board, CEO, and Chief Innovation Officer operate independently before assigning any meaningful re-rating.

Sources