Analysts are backing logistics software maker WiseTech Global to shrug off its governance issues including media scrutiny of embattled founder Richard White, after an ongoing review cleared the billionaire entrepreneur of serious misconduct.that revealed he paid for a multimillion-dollar house for an employee and had been accused by an outgoing WiseTech Global director of intimidation and bullying.
“Upfront, I need to say that the board is disappointed that the diversion of Richard White’s attention away from product development at a critical juncture has impacted the timing of the release of some of the three breakthrough products,” Dammery told the AGM.In a report labelled “White lightning”, Macquarie analysts upgraded WiseTech Global to “outperform” and said that the product delays were akin to short-term noise.
The firms have interviewed 21 people in 31 interviews and were probing allegations that White failed to disclose personal relationships to the board and misused company funds.“WiseTech Global has an unassailable competitive advantage driven by the CargoWise dataset and Container Transport Optimisation is a whitespace opportunity with no competitors,” the Macquarie analysts wrote. “Penetrating this opportunity will take time.
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