Embattled WiseTech founder Richard White says he is “truly sorry” for the impact his behaviour and subsequent media storm has had on his family and loved ones, in his first public comments since his resignation amid accusations of bullying and misconduct.
Addressing shareholders virtually in a pre-recorded message at the company’s annual general meeting on Friday, White, one of Australia’s richest people, said the past two months had taken a significant toll on WiseTech Global, its employees and White himself.
“I deeply regret the impact this recent media has had on the people around me – my family, friends, loved ones, the WiseTech team, and you, our shareholders. I am truly sorry for how this has affected each of you,” White told investors.
Chairman Richard Dammery also addressed the controversies and said WiseTech would downgrade its financial guidance as a result of the events of the past two months.
“Upfront, I need to say that the board is disappointed that the diversion of Richard White’s attention away from product development at a critical juncture has impacted the timing of the release of some of the three breakthrough products,” he said.
“This will result in changes to both revenue and earnings guidance.”
WiseTech told investors last month that White would take a brief break before taking up a “full-time, long-term consulting role” where he would be paid the same annual salary – $1 million – that he received as chief executive.
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It followed an investigation by The Sydney Morning Herald, The Age and The Australian Financial Review that revealed White paid for a multimillion-dollar house for an employee, and had been accused by an outgoing WiseTech Global director of intimidation and bullying. WiseTech is currently being led by interim CEO Andrew Cartledge, who on Friday said he would not be a candidate to be the company’s permanent chief executive.
Dammery said on Friday that a review led by law firms Herbert Smith Freehills and Seyfarth Shaw LLP into White’s conduct is ongoing but so far had not found impropriety by White “in relation to the affairs of the company”, including no issues relating to relationship disclosures or improper use of company funds.
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