WiseTech Founder Richard White Seizes Power After Board Exodus
Richard White appears to have emerged victorious from a high-level power struggle at WiseTech Global Ltd., after almost every board member quit in disagreement over his role at the company. The billionaire founder and largest shareholder has been able to regain control of the freight-software company he founded and led for three decades, despite facing allegations of misconduct that sparked a board review. However, this victory comes with significant personal costs, including a $1.8 billion hit to his fortune in just 20 minutes.
- The erosion of corporate governance at WiseTech raises questions about the consequences of prioritizing talent acquisition over regulatory compliance and oversight.
- Will Richard White's ability to maintain control of WiseTech ultimately come at the expense of the company's long-term success, or will he be able to navigate the challenges ahead with his unique combination of vision and expertise?