WiseTech: 'Richard White to transition to new role'

Source: Dreamstime

ASX Announcement

24 October 2024

Key Business Update

Richard White to transition to new role

The Board of WiseTech Global (WiseTech, the Company, ASX: WTC) provides an update on its Chief Executive Officer & Executive Director, Richard White. The Board has agreed, following Mr White’s request, that he will stand down as a Director and as CEO with immediate effect, take a short period of leave, and transition into a new role with the company that he founded and has led for 30 years. When Mr White returns from leave, he will commence a new full-time, long-term consulting role, focused on product and business development. Key terms of this arrangement are set out below. Mr White will participate at the Annual General Meeting on 22nd November 2024 and the Investor Day on 3rd December 2024. Mr White remains passionately committed to WiseTech and its future. His clear desire is to concentrate fully on the product vision and business development initiatives for WiseTech as it continues its journey to be the operating system for global logistics.

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Key terms of Richard White’s consulting arrangement: • Role Title: Founder and Founding CEO • Basis: Full-Time • Term: 10 year term, with option to extend for a further 5 years by mutual agreement • Termination: Terminable by either party on 2 years’ notice, except for misconduct or material breach • Compensation: Mr White to be paid $1 Million per annum as per his current remuneration (unchanged since 2014) • Reporting: Mr White to report to the Chair and Board on activities, with priority focus areas to be reviewed quarterly or otherwise as required

New and Interim CEO and CFO arrangements

Effective immediately, Chief Financial Officer Andrew Cartledge will assume the role of Interim CEO. Further to the announcement on 6 August 2024, Mr Cartledge has confirmed to the Board that he is available to stay on beyond his planned retirement at the end of calendar 2025, as needed by the Company…

The full statement can be read here. Stock down -6.3% to A$99.37.