Markets 
Richard White, the embattled co-founder and executive chairman of Australian software giant WiseTech Global, is stepping down after allegations emerged that the billionaire businessman exploited a woman’s immigration status and financial insecurity for sex.
Shares of WiseTech – which offers software that companies can use to manage and streamline logistics – soared by as much as 10.6% on the news, reaching nearly $27 USD per share.
The Australian Federal Police’s human exploitation task force launched an investigation into White earlier this year, per a report in the Australian Financial Review, after a complaint from a former executive from another company White controls – customer management registry Kyckr.
White on Tuesday again denied the allegations, adding that the claims have become an unnecessary distraction for the company.
“Recent personal media attention is creating an unnecessary distraction from the strength of WiseTech’s business,” White said, adding that he “strenuously and unequivocally” denies recent media allegations.
Media reports last year said White allegedly pressured Caroline Heidemann, a Brazilian woman who once worked as a cleaner at WiseTech, into a sexual relationship by leveraging his power and influence. He also allegedly submitted false information as part of her visa application.
Heidemann raised similar allegations last year before reaching a settlement with White.
The jump in share price comes after other conduct scandals involving White and threats by artificial intelligence have already collapsed the WiseTech’s worth. The Sydney-based tech firm was valued at more than $40 billion in July 2025 but less than $13 billion by Tuesday.
White relinquished the CEO role in 2024 after weeks of separate revelations about his personal life – including multiple women alleging he bought them houses and invested in their businesses in exchange for sex. A former female WiseTech director alleged that White engaged in “bullying and intimidatory behaviours”.
A review commissioned by WiseTech cleared him later that year of bullying and intimidation claims. He was reinstated to an executive chair position in February 2025 but not before four directors resigned over whether he should continue playing an active role at the company.
The software company has been grappling with pressure from artificial intelligence and started laying off roughly 30% of its workforce in May – which have further hammered its market value.
Despite the controversy, White said he will continue concentrating on WiseTech’s growth strategy in his role as chief innovation officer.
The company also said on Tuesday that it had appointed Raelene Murphy as independent chair. Murphy, who joined the company’s board at the start of the year, was named lead independent director in May before taking on her new role.
Murphy is now set to become chair and issued support for White in Tuesday’s statement.
“My personal experience working with Richard is totally at odds with media reports,” Murphy said. “I have found him to be an incredibly hardworking, focused and committed founder who has built a leading global technology business with enormous potential to continue to grow stronger and thrive.”
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