WiseTech Global Executive Director Maree Isaacs has sold her A$1.3 billion stake in the embattled company she co-founded with Richard White amid the scandal surrounding his resignation.
The logistics software company confirmed on Friday (Thursday GMT) after the market closed that Isaacs had offloaded her 8.17% interest, totalling over 10.2 million shares to ex-Chief Executive White.
The transaction includes an upfront payment of A$285 million (US$185 million) and quarterly instalment payments over the next seven years, contingent on WiseTech’s share price.
Isaacs became one of Australia’s wealthiest people following WiseTech’s ASX-listing and share price rally after setting up WiseTech in 1994 with White.
Heralded as one of Australia's most successful female tech founders, she remains an executive director of the group, a position held since 1996.
Isaacs said the sale allowed her to access the value and liquidity of her shares and that she remained committed to WiseTech and its future.
“I am extremely grateful to Richard for his work and leadership in creating WiseTech. After 30 years of helping to build WiseTech, I was keen to start to unlock and realise some of the value in WiseTech shares,” Isaacs said.
“We are both excited about WiseTech’s future growth opportunities and continue to be as driven as ever on achieving WiseTech’s global growth ambitions.”
Isaacs will remain owner of her share rights in the group relating to her executive role with the company.
White’s resignation as CEO in October followed allegations of inappropriate behaviour, the finding he had paid for a multimillion-dollar house for an employee and an accusation from an outgoing WiseTech Global director of intimidation and bullying.
White has transitioned into a consulting role at the company, with Chief Financial Officer Andrew Cartledge stepping up as Interim Chief Executive.
At 13:30 (AEDT), Monday, 2 December, WiseTech Global (ASX: WTC) was trading at A$129.93 up 1.43% with a market cap of $42.38 billion.