Emotional Richard White sheds tears at WiseTech AGM after year of personal upheaval and boardroom fights

An emotional Richard White shed tears in front of WiseTech’s staff and shareholders at the company’s annual general meeting in the Sydney suburb of Alexandria on Friday morning.

Dressed in casual jeans, business jacket and a light pink shirt Mr White spent some of the meeting wiping away tears and dramatically paused at the end of a speech that capped a torrid year of lurid allegations about his private life, a boardroom fight for control of the company, and an ASIC investigation into his share trading.

“I’m sorry,” the billionaire founder told around 100 shareholders and staff gathered at the meeting as he wiped away a tear and paused.

“I’m very passionate about this company. The future our team is building extraordinary and we are more committed than ever before in making that reality. Thank you.”

Protest votes

The company also suffered a 49.5 per cent protest vote against its remuneration report that was led by the Australian Shareholders Association and related to misgivings around short-term incentives.

“It appears based on the proxy results that we may receive a first strike on the remuneration report,” said the company’s lead independent director Andrew Harrison. “You’ll notice this resolution is advisory only and non-binding. However, the board will take the outcome of this vote and any discussion on this item into consideration.”

Around 22 per cent of shareholders also voted against the re-election of the company’s co-founder Maree Isaacs. Before the meeting governance advisory firm CGI Glass Lewis told shareholders to vote against Isaac’s re-election partly because she sold her entire holding of 10.2 million shares last October. Ms Isaacs also appeared moved to tears during the emotive meeting.

It is believed Norway’s $US2.1 trillion sovereign wealth fund was among large shareholders that voted against the remuneration report.

Mr Harrison also acknowledged a private shareholder’s criticism that the company’s board does not have technology experts among its members. In response he pointed to the appointment of Rob Castaneda as a non-executive director and co-founder of software business ServiceRocket.

The software logistics company’s shares have slumped 48 per cent in 2025 to fetch a 52-week low of $61.59 on Friday as Mr White talked up its product development, tech team talent and $3.2 billion acquisition of US-based e2Open.

‘Very little we know about it’

Mr Harrison also said neither he or the company are prepared to comment on the ongoing ASIC investigation to allegations of insider share trading at the company by Mr White and three employees between late 2024 and early 2025.

“In relation to the ASIC investigation in general, as I said in earlier remarks it’s at a very early stage,” Mr Harrison told the AGM in response to a shareholder question.

“There are no charges being made. There are no allegations being made against the company. There’s very little we know about it. And it’s not something we’re prepared to comment on.”

Last July, WiseTech appointed Zubin Appoo as chief executive and it used the AGM to reaffirm guidance for an operating profit between $550 million and $585 million on sales up to $1.44 billion.

Mr Appoo said he’s confident the group will meet its guidance as it bets on the giant e2open acquisition to expands its client base to the world’s largest importers and exporters.

“My commitment to you is simple. Unwavering focus, disciplined execution, and value creation at scale,” he said.

Despite the company’s horror run in 2025, shares are still up 18-fold since the company went public at just $3.35 per share in 2016.