AustralianSuper has sold its stake in WiseTech Global as the logistics software giant’s recent handling of founder Richard White’s transition did not meet its expectations, the country’s largest pension fund said on Wednesday.
The fund no longer held an active shareholding in WiseTech, it said, having sold about A$580 million ($366.2 million) worth of stock to close its 1.9% position over the past couple of weeks.
White, the biggest shareholder of the logistics software maker, had stepped down as its chief executive in October 2024 following media reports of allegations about his personal life, including payments to a past sexual partner.
The firm’s finance chief, Andrew Cartledge, was named interim CEO to replace White.
White had said it had been “a challenging time for me personally, my family and close friends, and for the company that I have built and truly love” in October, two days after a lawsuit on the allegations was settled.
The billionaire in February made a surprise return to the firm’s top brass, being appointed as its executive chair.
In March, White admitted to incomplete disclosure of details of his personal relationship to the board, after a review found his statements were inaccurate, incomplete and misleading.
“We needed to see a sensible transition plan that got the balance right between governance and managing the founder’s role over time in order to continue to remain a shareholder”, AustralianSuper said in a statement.
“We have sold because recent developments have not met our expectations. We may reconsider our position should circumstances change.”
WiseTech Global did not immediately respond to a request for comment.
($1 = 1.5838 Australian dollars)
Reuters
