WiseTech Global (ASX: WTC) shares surged 11% in Sydney trading after founder and chairman Richard White announced his departure from the board.
The move comes as the Australian logistics software giant seeks to stabilize investor sentiment following a series of controversies surrounding White’s personal life.
The stock had tumbled 11% earlier in the session, dropping to A$32.75, as markets reacted to fresh media reports detailing a police investigation into White.
The initial sell-off reflected sharp deterioration in sentiment for the group, with investors pricing in governance risk and potential reputational damage.
White cited "personal attacks" as the primary reason for his resignation, according to reports from the Straits Times.
His exit is expected to remove a focal point of uncertainty for the company, which has been roiled by the ongoing saga.