The Australian tech company is under investigation after reports of inappropriate behavior by its CEO.
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| The Australian tech company is facing a crisis that could have serious consequences for its future. Image Courtesy: WiseTech Global, |
Sydney, Australia – October 21, 2024:
WiseTech Global, a leading Australian technology company, is facing a crisis after media reports emerged alleging inappropriate behavior by its CEO, Richard White. The company's shares plunged 18% on Monday as investors reacted to the news.
The allegations, which center around payments made to a former sexual partner of White, have sparked a full review by WiseTech Global's board. White has not yet responded to requests for comment, and the company is refusing to comment beyond acknowledging the review.
The news has sent shockwaves through the Australian tech industry. Shares of WiseTech Global experienced their worst trading day since late August 2023, dropping as low as A$100 per share. Market analysts believe the uncertainty surrounding the scandal is leading investors to question White's future role in the company.
According to reports in The Australian Financial Review, White allegedly approached several female entrepreneurs through text messages and social media, offering professional support that later turned into inappropriate and suggestive language.
This news follows a period of decline for WiseTech Global's stock price. Since the beginning of October, when reports about White's personal life first surfaced, the company's shares have fallen by over 11%. Additionally, White has been selling off his stake in the company, with the latest sale involving 351,038 shares at an average price of A$131.22 each.
WiseTech Global now faces a critical juncture. The company's board must navigate the ongoing review and determine the appropriate course of action. Investors are closely watching developments, and the future of both White and the company remains uncertain.