Richard White remains CEO despite misleading misconduct

WiseTech founder Richard White has been cleared of punishment despite being found to have misled the company board. The board considered his conduct "unacceptable" and "serious," yet White has been promoted to executive chairman of the $28 billion logistics software company. Allegations against White included inappropriate romantic relationships and suggestions he sought sexual favors in exchange for financial investments. Although the board commissioned a report that highlighted his misleading disclosures about relationships with a staff member and a supplier, they decided against releasing the full findings. White owns 37 percent of WiseTech, giving him significant influence. Though his actions raised governance concerns, the board argued that his expertise is vital for the company’s strategy and growth. Recently, several independent directors resigned, citing differing views on White's role. In response to the investigation, White admitted he could have disclosed more information to the board but has not shown significant remorse. Meanwhile, WiseTech maintains that it has strong governance processes in place. Currently, investor reactions have been neutral, with stock prices remaining stable despite ongoing scrutiny.