Richard White Returns to WiseTech: Can He Steer the Company Past Scandals and Toward Growth?

Scandal-plagued billionaire Richard White has reclaimed control of WiseTech Global Ltd., the logistics software company he founded in 1994. White, who stepped down as CEO in 2018 following a series of scandals, has now returned to the helm, replacing interim CEO Adam McNicol.

White's return comes amidst a period of turmoil for WiseTech. The company has faced allegations of accounting irregularities, insider trading, and a toxic work culture. In 2019, WiseTech was forced to restate its financial results for the previous two years, leading to a significant drop in its share price.

Despite these challenges, WiseTech has continued to grow. The company reported a 28% increase in revenue for the first half of the 2021 fiscal year, driven by strong demand for its logistics software. White's return is seen as a sign that the company is looking to move past its scandals and refocus on growth.

White's appointment as CEO was approved by WiseTech's board of directors, which includes several new members appointed in recent months. The board has been criticized for its lack of independence and its failure to adequately address the company's governance issues.

White's return to WiseTech is a significant development in the company's history. The company's future will depend on White's ability to address the governance issues that have plagued the company in recent years and to refocus the company on growth and innovation.