WiseTech shares plunge as reports say police probe chairman Richard White

WiseTech Global’s shares dropped 14% as reports said the Australian Federal Police were investigating executive chairman Richard White, putting the company’s founder-led governance model under a harsh spotlight. The allegations included claims that White exploited a woman’s immigration status for sex and provided false information on a visa application. For investors, the speed of the sell-off showed how fast personal-conduct concerns can become a valuation issue when a technology company is built around one dominant figure.

The reaction was especially sharp because WiseTech is no small-cap story. The company said it was founded in 1994 and listed on the Australian Securities Exchange on 11 April 2016. Its FY25 annual report said it had more than 3,600 people across 39 countries, while its flagship product, CargoWise, sits at the centre of a business that serves more than 22,000 logistics companies and other industry participants across 193 countries. WiseTech says that customer base includes 46 of the top 50 global third-party logistics providers and 23 of the 25 largest global freight forwarders.

WiseTech’s recent numbers had already shown a company growing fast but producing a more mixed profit picture. For the half year ended 31 December 2025, revenue rose 76% to US$672.0 million, statutory net profit after tax fell 36% to US$68.1 million and underlying net profit after tax increased 2% to US$114.5 million. The company also said the acquisition of e2open expanded its network to more than 500,000 connected enterprises. Against that backdrop, Monday’s share decline suggested the market was not only trading the headline allegation, but also assigning a discount to the risk that leadership turmoil could distract from execution.

The governance concerns are not new. WiseTech’s board review into matters relating to White was underway in March 2025, and an October 2025 ASX update said ASIC officers and AFP attended the company’s Sydney office and executed a search warrant over alleged trading in WiseTech shares by White and three others. On 22 April 2026, the company said Andrew Harrison intended to retire as a non-executive director effective 30 June 2026, while Raelene Murphy was due to become lead independent director and chair of the Audit & Risk Committee from 1 May 2026. Those steps pointed to a board trying to renew itself, but Monday’s slump showed investors still see White’s personal position as central to WiseTech’s corporate identity.