Billionaire Richard White Reclaims Control of WiseTech Global Amidst Scandals
1min read Scandal-plagued billionaire Richard White has reclaimed control of WiseTech Global, the logistics software company he founded in 1994. White, who owns a 37% stake in the company, has ousted the board of directors and installed new members, including himself as the chairman.
White's return to the helm of WiseTech comes after a series of scandals that have rocked the company in recent years. In 2018, WiseTech's share price plummeted following allegations of accounting irregularities and insider trading. The company's founder was also accused of manipulating the market and engaging in insider trading, leading to a lengthy investigation by the Australian Securities and Investments Commission (ASIC).
Despite the scandals, White has maintained his majority stake in the company and has now used it to retake control. In a statement, White said that he was "delighted to be back at the helm of WiseTech" and that he was "confident that the company will continue to grow and prosper under my leadership."
However, the move has been met with criticism from some shareholders, who argue that White's return to the company is a step backwards. They point to the scandals that have plagued WiseTech in recent years and question whether White is the right person to lead the company forward.
WiseTech's share price has been volatile in recent months, reflecting the uncertainty surrounding the company's future. Some analysts have expressed concern about the company's ability to maintain its market position in the face of increased competition and regulatory scrutiny. However, others have noted that WiseTech's core business remains strong and that the company has the potential to bounce back under new leadership.
As White takes control of WiseTech, all eyes will be on the company to see whether it can overcome the scandals of the past and return to its former glory. The logistics software market is a competitive one, and WiseTech will need to demonstrate that it can innovate and adapt in order to stay ahead of the pack. With White at the helm, the company will be hoping that it can put the scandals of the past behind it and focus on the future.
