WiseTech Board Revolts Against Embattled Billionaire
The Australian tech company's billionaire founder, Richard White, has faced a severe backlash from its board of directors, with four senior leaders resigning over "intractable differences" with him. The company's shares plummeted 20% on the market open following the announcement, as investors reacted to the drama unfolding within WiseTech. The board's move is seen as a major blow to White, who was cleared of personal misconduct allegations but still faces legal action.
- This power struggle highlights the challenges faced by boards of directors in holding onto their leaders when faced with moral or ethical dilemmas that threaten the company's reputation and future.
- How will WiseTech's new leadership navigate the complex web of personal relationships, boardroom politics, and regulatory pressures that have led to White's downfall?