After a four-month hiatus, Richard White, founder and majority shareholder of WiseTech Global has retaken control of his company, this time as its executive chairman. This follows the departure of WiseTech’s four independent, non-executive directors, including chairman Richard Dammery, following the release of its half-year results on Wednesday.
On hearing the news, the stock price plummeted 25 per cent. Sudden resignations by a single ASX director are not uncommon, but four at once including the chairman is extraordinary.
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Helen Bird is a senior lecturer and corporate governance industry fellow at Swinburne Law School. She is a member of ASIC's corporate governance panel.
