WiseTech Global on Wednesday appointed its founder Richard White as executive chairman, enabling the tycoon to take back control of the Australian freight-software company four months after quitting as CEO.
Shares of WiseTech rose 2.1% to close at A$96.50 ($61.10) in Sydney trading, recouping some of this week’s losses. The stock plunged 22% in the last two days after Chairman Richard Dammery and three independent directors resigned, citing “intractable differences” over the role of White, who agreed to be an external consultant when he resigned in October. White owns 37% of WiseTech.
White’s comeback was announced today along with WiseTech’s first-half to December results that showed a 38% jump in net income to $106 million from the previous year. Interim CEO Andrew Cartledge described the performance as “strong” and within expectations.
Along with the nomination commitee, White will oversee succession planning and the internal and external search for a permanent CEO, the company said in a statement. White, who founded the company 31 years ago, will also head product development and growth strategy, it added.
White stepped down as CEO in October after facing a series of damaging media reports, including one that he paid millions of dollars to a former partner to settle allegations of inappropriate behavior.
With a net worth of $10.1 billion when Forbes published the list of Australia’s 50 richest this month, White ranks as the country’s seventh richest tycoon.
