BUZZ-WiseTech plunges 18%, directors step down on differing view over founder's role

Reuters
02-24
BUZZ-WiseTech plunges 18%, directors step down on differing view over founder's role

** Shares of Australian logistics software maker WiseTech Global WTC.AX plunge 18.4% to A$99.25, their lowest level since August 24

** WTC down as much as 22.8% to A$94.00 per share, marking its worst intraday drop since February 19, 2020

** WTC top loser in the ASX200 benchmark index .AXJO

** Says four of its non-executive directors decided to step aside, citing differing views around the ongoing role of billionaire founder and former CEO Richard White

** White in October last year stepped down as CEO after allegations about his personal life; he returned to WTC as a "founder and founding CEO"

** Departure of four independent directors raises questions on what new allegations could be and what the differing views were in terms of White's new role - Citi

** Now expects FY25 revenue to be at the bottom end of guidance range of A$1.2 billion ($764.52 million) to A$1.3 billion

** Says FY25 EBITDA margin expected at top end of 50%-51%

($1 = 1.5696 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com;))

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