Lawyers who have been reviewing sensational allegations that led to WiseTech’s billionaire founder Richard White stepping down from the company’s board and executive have so far found “no evidence” of misconduct. The $46.6bn logistics software group released an update of the review from Herbert Smith Freehills and Seyfarth Shaw on Friday as it prepared to face investors at its annual meeting - which it decided to a hold online only, rather than in-person, a move that angered the Australian Shareholders Association.
The law firms examined five allegations, including that Mr White failed to disclose number of “close personal relationships” in the workplace with the board, had misused WiseTech funds to have plastic surgery in 2019 and host former lover Linda Rogan in New York; and engaged in bullying, harassment and intimidation - an accusation raised by former director Christine Holman. The review found that Mr White’s behaviour was “generally consistent with the process of ‘creative abrasion’, which was widely acknowledged..
. to create significant value for the organization”. “However, there is the capacity for managers to find this uncomfortable and confronting, particularly in group settings.
” The company also cut its annual earnings guidance - sparking a 20 per cent fall in its share price in morning trade on Friday - with chairman Richard Dammery citing the allegations the led to Mr White standing aside. In a statement, the board said Seyfarth Sha.
