AustralianSuper, Australia’s largest pension fund, has exited its position in logistics software giant WiseTech Global (WTC.AX), citing dissatisfaction with the company’s handling of founder Richard White’s leadership transition. The pension fund sold approximately A$580 million ($366.2 million) worth of shares, closing its 1.9% stake in the company over the past few weeks.
Leadership Transition Raises Concerns
The decision comes after White, the company’s largest shareholder, stepped down as CEO in October 2024 following media reports of allegations related to his personal life, including payments to a past sexual partner. In his absence, Andrew Cartledge, the firm’s finance chief, was named interim CEO.
In February, White made a surprise return to the company’s leadership, assuming the role of executive chair. However, the transition was further complicated in March when White admitted to incomplete disclosure regarding his personal relationships to the board. A review revealed that his statements had been inaccurate, incomplete, and misleading.
AustralianSuper’s Statement
AustralianSuper expressed dissatisfaction with how WiseTech handled the transition, particularly the lack of a clear and sensible plan that balanced governance with managing the founder’s role over time. The pension fund emphasized that it required more assurance regarding the transition’s governance, which led to its decision to sell the stake. While the fund has exited for now, it stated that it may reconsider its position should circumstances improve.
WiseTech Global’s Response
WiseTech Global did not immediately respond to a request for comment regarding AustralianSuper’s decision.