The rise and rise of Richard White from a refrigeration mechanic and guitar repairer to one of the country’s richest men through WiseTech Global is a remarkable tale. But his sudden fall is even more extraordinary. Just as cake was being cut at the logistics software giant’s Alexandria headquarters in Sydney to celebrate its 30th anniversary, the board was informing the ASX that the billionaire who founded WiseTech was stepping down as chief executive, effective immediately.
WiseTech CEO Richard White in the company’s Alexandria headquarters. Credit: Dominic Lorrimer What made his position untenable were revelations – published by The Australian Financial Review, The Age and The Sydney Morning Herald – that White had been accused of bullying and intimidating a former colleague on the WiseTech board. And that he had bought a multimillion-dollar house for one of his employees he had been in a relationship with.
And that a number of women had alleged he offered to help them professionally through social media – before becoming increasingly crude in his suggestions. Then there was application for an apprehended violence order brought against him by his now-wife – later withdrawn – that the WiseTech board only found out about on the weekend. And a confidential payment to settle allegations against him that only some directors knew about (the board said White had provided a statutory declaration denying the allegations).
There may be more repercussions. WiseTech say.