Richard White has stood down as WiseTech Global chief executive effective immediately after weeks of sensational headlines about his private life.
The announcement comes after the billionaire settled his legal dispute with a beauty entrepreneur who claimed the $13.1million mansion he bought when they were lovers was intended for her.
WiseTech’s board said they had agreed to the tech company founder stepping down with chief financial officer Andrew Cartledge to assume the role of interim chief executive.
Mr White will take ‘a short period’ of personal leave before taking on a new advisory role in the company he founded 30 years ago.
‘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,’ he said in a statement to the ASX.
‘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.’
Shares in Mr White’s company WiseTech Global plummeted during his Federal Court battle with former lover Linda Rogan
Around $6billion wiped from the company’s market value on Monday amid fears of claims against him.
Recent publicity about Mr White’s personal life prompted the WiseTech board to review ‘the full range of matters’ while ‘seeking further information and taking external advice’.
Ms Rogan had claimed Mr White, whose estimated $9.7billion wealth dropped by about $2billion when WiseTech shares plummeted on Monday, offered to invest in her business in exchange for sex.
At the centre of legal proceedings was a mansion Ms Rogan claimed that Mr White bought for her to live in with her three children, at Vaucluse in Sydney’s eastern suburbs.
Ms Rogan, who never moved into the house, claimed he took back the keys after his partner Zena Nasser discovered they were in a sexual relationship.
Last year, Ms Rogan successfully sought a local court order that 69-year-old Mr White reimburse her for $92,123 she allegedly spent on furnishing the Vaucluse house.
Mr White had that order overturned and in August issued a bankruptcy notice against Ms Rogan, which she was seeking to have to have set aside.
Ms Rogan, who owns laser clinics in Sydney, Cairns and New Zealand, said she met Mr White through Ms Nasser, a former criminal defence lawyer.
Ms Nasser allegedly sent Ms Rogan an Instagram message in June 2022 which said: ‘We have some mutual friends and you came up on my page… I don’t do this ever but I was like I have to message this stunning lady x.’
A month later, Ms Nasser visited Ms Rogan’s Rose Bay clinic Bionik Wellness and introduced her to Mr White over Facetime.
In court documents Ms Rogan said her relationship with Mr White became sexual and he offered to purchase a Vaucluse property for her.
Mr White allegedly told Ms Rogan: ‘The structure will ensure that no one will trace the property back to me or you. Zena will never know I own this house.
‘You will live in this house forever,’ Mr White allegedly told Ms Rogan after his lawyer bought it for $13.1million.
Ms Rogan alleged as she prepared to move into the house the next month she received a message from Ms Nasser, who said: ‘You didn’t have to lie…
‘Richard admitted it… please don’t come near me again.’
Wise Tech chair Richard Dammery said Mr White had ‘put the company and its shareholders first’ with his decision to step down.
‘Richard has consistently demonstrated a rare combination of foresight, intellect, capability and ambition,’ Mr Dammery said.
‘All great entrepreneurs achieve what others consider to be impossible, and Richard has most certainly done this at WiseTech.’
The board said Mr White will ‘participate’ at its annual general meeting on November 22 and its investor Day on December 3.
WiseTech has 18,000 customers across 170 countries.