AustralianSuper Pulls Out of WiseTech Global Amid Leadership Concerns

Post by: Pratik Kumar

Photo : Reuters

AustralianSuper, the biggest pension fund in Australia, has sold all its shares in WiseTech Global. The fund said on Wednesday that it was not happy with how WiseTech handled its leadership change. It sold all its 1.9% stake in the company over the last few weeks, making about A$580 million ($366.2 million).

Richard White, who owns the most shares in WiseTech, left his job as CEO in October 2024. He stepped down after news reports said he had paid money to a woman he had a past relationship with. A lawsuit about this matter was quickly settled. White then said it had been a hard time for him, his family, his friends, and the company he loved.

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Even though he had stepped down, White made a surprise return to WiseTech in February 2025 as Executive Chair. The next month, he admitted that he had not shared all the details about his past relationship with the company’s board. A company review later found that some of his statements were not fully true and had missing details.

AustralianSuper wanted a clear and fair plan for how WiseTech would handle its leadership change. The fund said it needed to see a balance between strong company rules and managing White’s role over time. But since it did not see this, it decided to sell its shares. The fund also said that if things change in the future, it might invest in WiseTech again.

WiseTech is a leading company in making software for transport and delivery services. But this issue has made some investors worry about its leadership and future.

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