WiseTech Global’s scandal-plagued billionaire co-founder Richard White has stepped down as executive chairman, saying he “strenuously and unequivocally” denies allegations against him, but will remain on the board.

It comes weeks after it emerged he was being investigated by Australian Federal Police over claims he coerced a Brazilian woman — who had been previously employed by WiseTech as a cleaner — into sex as she sought an Australian visa.

Mr White stood down as chief executive in October 2024 after other lurid allegations about his private life emerged, then returned as chairman in February 2025 following a director exodus over his ongoing involvement.

The freight software company announced on Tuesday that Raelene Murphy, who has been an independent non-executive director since March 2025, had taken on his role with immediate effect.

Mr White, who is WiseTech’s biggest shareholder with about one-third of its stock, said recent press attention was “creating an unnecessary distraction”.

“As I have stated previously, I strenuously and unequivocally deny the recent allegations in the media,” he said.

“Further, I am conscious that personal attacks on me in the media that are unconnected to the performance of the company nevertheless have the potential to encourage short selling activity.”

WiseTech shares peaked in September 2024, with a closing high of $137.19. But billions of dollars worth of value has since been wiped off the stock, which sank to a five-year low of $28.76 in June after the latest allegations emerged.

The shares jumped almost 10 per cent at $38.85 in intraday trade on Tuesday.

Mr White will remain on the board as an executive director and will continue as chief innovation officer.

WiseTech said the appointment of Zubin Appoo as chief executive a year ago was an important part of succession planning and it continued to search for an additional, fifth independent non-executive director.

RBC Capital Markets analyst Jackson Lee said that would comfortably clear the two-thirds threshold favoured by proxy advisers — classing co-founder Maree Isaacs as not independent — and Ms Murphy’s elevation was another step in the right direction towards addressing governance concerns.

“While structural improvements in board composition are positive, the market will likely want to see ongoing evidence that the refreshed board, CEO and chief innovation officer operate independently before attributing any meaningful re-rating,” Mr Lee said.

He noted an Australian Securities and Investments Commission investigation into alleged insider trading in the company’s shares by Mr White and three employees after a raid of its Sydney office in October.

A board review that was completed last year found Mr White had made misleading representations about “close personal” relationships with two employees but took no action.

“As always, the board and its advisers will continue to monitor and consider any developments on matters reported in the media,” WiseTech said on Tuesday.

AFP and ASIC confirmed their probes were ongoing.

The West Australian does not suggest that Mr White is guilty of any offence or misconduct, only that the allegations have been made.

The 71-year-old former rock band roadie turned entrepreneur ranked 17th on the AFR Rich List for 2026, with an estimated wealth of $8.87b.

Ms Murphy said her experience working with Mr White was “totally at odds with media reports”, describing him as “an incredibly hardworking, focused and committed founder” who brought deep “experience, value and strategic insights”.