WiseTech cofounder Richard White steps down as chair

Richard White, the billionaire cofounder of Australian logistics software giant WiseTech Global, has stepped down from his role as executive chairman, effective immediately. The move follows weeks of intense scrutiny over a new police investigation into his personal conduct. White will remain on the board as an executive director and retain his position as chief innovation officer.

The company announced on Tuesday that Raelene Murphy, who joined the board earlier this year and became lead independent director in May, will take over as independent chair. The leadership change was widely interpreted by investors as a response to governance concerns, with WiseTech's share price surging as much as 10.7 percent following the announcement.

The reshuffle comes after reports in late June revealed the Australian Federal Police are investigating allegations that White exploited a woman's immigration status and financial insecurity for sex and provided false information on a visa application. White has strenuously and unequivocally denied the allegations, which have not been tested in court. In a statement, he said recent personal media attention was creating an unnecessary distraction...