The leaders of one of Australia’s biggest tech companies have assured shareholders it’s on the right track, despite the share price halving during a year marred by controversies.
WiseTech’s billionaire founder Richard White, currently under investigation along with three staff over allegations of improper trading in company shares, fought back tears in his annual address to shareholders.
“I want to thank the whole WiseTech team with their passion and brilliance, our customers and partners for their trust and collaboration, and of course, you, our shareholders or your ongoing belief in WiseTech,” Mr White said, stopping briefly as his eyes welled up.
“I’m sorry, I’m very passionate about this company.”
His speech on Friday came a day after the retirement of director Michael Gregg, who had announced his departure along with Charles Gibbon in June, the latest in a host exiting the company’s board in 2025.
“Charles and Mike have provided significant business acumen, thoughtful advice, always independent thinking and invaluable knowledge throughout WiseTech’s journey,” Mr White said.
“Their impact on this company runs really deep and their role in history will be remembered well into the future.
“And this year, with their efforts and the efforts of many others, the company has grown its revenue by more than 200 times and has become the leading global provider of international trade and logistics software.”
New lead independent director Andrew Harrison took the opportunity to assure shareholders the company was on the right track, and played down speculation about the probe by the Australian Federal Police and Australian Securities and Investments Commission.
“Let me be very clear, this matter is only in the investigation stage, and no charges have been brought against any individual, nor have any allegations been made against WiseTech Global,” Mr Harrison said.
“We know that speculation can have real impacts on our people, on confidence and on shareholder sentiment, but what I can assure you is that WiseTech was built over three decades on a solid foundation by a combination of organic and inorganic growth initiatives and a diverse and highly skilled team.”
WiseTech’s board review process, which has included work from independent auditors, would continue under the current board.
Mr Harrison was re-elected as a non-executive director, but noted he did not plan to serve a full three-year term after almost a decade with the company.
“Once the new board is fully in place and working well, I intend to step down with another non-executive director assuming the role of lead independent director,” he said.
WiseTech’s leadership succession plan included the appointment of Zubin Appoo in July, months after Mr White appointed himself executive chair of the company.
The move came after a rash of board resignations following complaints about the founder’s conduct, including allegations of bullying and undisclosed relationships.
An independent review later cleared Mr White of the misconduct allegations, which he had denied.
Investors responded positively to the presentation, with WiseTech see-sawing from a 2.8 per cent drop at the start of trading on Friday to a more than four per cent gain to $66.81 just over an hour into the annual meeting.
The company’s share price has more than halved since hitting an all-time high of $141.61 on the same date last year.
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