Australia’s WiseTech CEO Richard White steps down amid sex scandal

WiseTech Global Ltd.’s billionaire founder and Chief Executive Officer Richard White stepped down after a series of damaging allegations over his relationships with several women.

White will take a short period of leave before transitioning into a new role, the Sydney-based company said in a statement on Thursday.

“It has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love,” White said in the statement. “I want to assure all those who have supported WiseTech, as customers, colleagues, and shareholders, that I remain absolutely committed to seeing this incredible organisation continue to thrive and grow in the coming years.”

Pressure has grown on WiseTech’s board and White, the company’s largest shareholder, to take action after a flurry of media reports wiped more than A$7 billion (US$4.6 billion) from the software provider’s market value. The stock fell 6 per cent in Thursday trading.

The scandal erupted earlier when White attempted to push wellness entrepreneur Linda Rogan, with whom he is alleged to have had a sexual relationship, into bankruptcy. Rogan had alleged White expected her to have sex with him in exchange for an investment in her business. The case was later settled out of court.

Since then, a string of other allegations have emerged that turned a relatively little-known Australian tech company into the country’s latest corporate scandal.