WiseTech shares rise after co-founder resigns as chair amid police probe

Richard White, co-founder of Australian software firm WiseTech, resigned as executive chair on Tuesday while remaining on the board as a director and chief innovation officer. He vehemently denied allegations that he exploited a worker's financial and visa status for sexual favours.

Raelene Murphy has been appointed as the new chair, effective immediately. The announcement boosted WiseTech's share price by 8.1%, adding nearly $1 billion to its market value. Over the past year, the company's valuation had plummeted from over $40 billion in July 2025 to less than $13 billion.

The decline was driven by investor concerns over media reports that police were investigating White for allegedly coercing a cleaner into a sexual relationship and providing false information for her visa application. In a company statement, White dismissed the claims as a "personal media attention" causing unnecessary distraction.

White will focus on WiseTech's growth strategy as chief innovation officer. The software-as-a-service company has been under pressure from AI advancements and began laying off 30% of its workforce in May.

Murphy defended White, stating her personal experience with him is "totally at odds" with media reports. The board aims to retain White's expertise while planning for executive succession. RBC Capital Markets analyst Jackson Lee called the resignation "another step in the right direction" but noted that investors would want evidence of improved governance before returning.