WiseTech Shares Rise 22% After CEO Resigns

Shares of WiseTech Global Ltd surged 22% following the resignation of CEO Richard White, who stepped down amid allegations of inappropriate behavior, including bullying and exchanging business advice for sexual favors. White, who founded the company 30 years ago, will transition to a consulting role while maintaining his $1 million annual salary and influence over company strategy. Analysts reacted positively to this leadership change, with firms like Goldman Sachs upgrading the stock to a buy rating, viewing it as a resolution to recent uncertainties affecting the company. Despite the scandal, Citi maintains a favorable outlook for WiseTech's earnings in the near term. The broader Australian stock market also saw gains, particularly in mining and technology sectors, though the S&P/ASX 200 index is still on track for a weekly loss of 0.6%. Overall, investor confidence appears restored with the leadership transition aimed at mitigating the fallout from recent allegations against White.