Four months after giving up control due to claims of inappropriate personal ties, the Australian software business WiseTech Global said on Wednesday that its wealthy founder had assumed the role of executive chairman.
According to a corporate statement, Richard White, who resigned from his position in October after a string of allegations about his behavior in the media, will serve as executive chairman and assist in supervising the search for a new chief executive.
“The executive chairman will lead the company’s product development and growth strategy,” stated the statement.
The chairman and three independent directors resigned simultaneously with White’s appointment, citing “intractable differences” regarding his position inside the corporation as the reason for their departure, which took effect on Wednesday.
On Monday, WiseTech’s stock fell 20.1 percent on the Australian Stock Exchange.
The shares dropped 2.8% more on Tuesday, but they recovered the majority of their losses in Wednesday early trading after WiseTech announced increased profits.
Sales climbed 17 percent year-on-year to US$381 million in the six months to December 31, it said.
Net profit rose 38 percent to US$106.4 million.
White stepped down as chief executive in October following multiple allegations in the media, including that he engaged in undisclosed “close personal relationships” in the workplace.
He nevertheless retained the title of “founder and founding CEO”.
According to a November update, a company-ordered assessment of the accusations by two legal firms revealed no proof that White had failed to disclose anything to the board.
According to the review, White “has a direct approach and that from time to time is involved in robust and challenging discussion,” which absolved him of bullying.
The WiseTech board announced this month that it had received two confidential complaints against White, one from a supplier and the other from an employee, both of which contained unidentified accusations.
It stated that both complaints were “considered” in the current review.
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