The WiseTech Global Ltd (ASX: WTC) share price is 1% higher after the ASX tech share announced a formal agreement with Richard White.
WiseTech is a major software provider for the global logistics sector with its CargoWise offering.
WiseTech’s Richard White agreement
The company has announced it has entered into an agreement with founder and executive chair Richard White.
White has entered into an employment agreement with WiseTech as executive chair and chief innovation officer of WiseTech.
In this role, he will be supported by the chief of staff and deputy chief innovation officer, a newly created role. This is designed to facilitate more effective delegation and reporting pathways that will “materially assist the execution of WiseTech’s product development roadmap and growth opportunities over the medium term”. Zubin Appoo has been appointed to this role. He spent 15 years at the company between January 2004 and August 2018.
White has been hired on a full-time basis for a 10-year period, starting from 26 February 2025, with an option to extend for a further five years by mutual agreement. He will be paid $1 million per year, the same as a decade ago.
There are a number of areas that White will be involved with, including:
• Delivering WiseTech’s product roadmap;
• Innovation and software development;
• Commercialisation of new products;
• Strategy development and implementation including identifying and pursuing growth initiatives (organic and inorganic such as M&A);
• Identifying initiatives and overseeing the implementation of initiatives that generate customer and shareholder value; and
• Leading WiseTech’s succession planning in conjunction with the Board’s People & Remuneration Committee.
Several internal and external candidates have been identified for the role of CEO. A shortlist is being finalised. It expects to announce the appointment before the AGM in November 2025.
Leadership comments
Richard White said:
My return to employment at WiseTech as Executive Chair and Chief Innovation Officer reflects my long-term commitment to continuing WiseTech’s track record of delivering strong shareholder returns. I am focused on implementing WiseTech’s product-led innovation strategy and ensuring we have a strong succession plan in place to maintain our growth momentum. I am confident of WiseTech’s future growth prospects, our ability to execute our strategy and the strength of our high calibre senior leadership team.
Final thoughts on the WiseTech share price
The company has been through a rollercoaster in the last several months. Time will tell if the increased certainty of the situation will make up for the negatives of what has been revealed relating to governance issues.
It has a great software offering and strong financials, so it could be a turnaround opportunity.
