Australia's Wisetech Global jumps over 20% after CEO's decision to move to new role
25/10/2024 24:53
(Updates with analyst comments)
** Shares of Wisetech Global WTC.AX rise as much as 22.1% to
A$121.330, posting their biggest intraday pct jump since
late-August 2021
** The logistics software co said on Thursday the firm's CEO
Richard White will step down but will continue at the firm in a
consulting role
** The decision follows media reports of allegations about his
personal life, including payments to a past sexual partner
** Co said CFO Andrew Cartledge will become interim CEO
** Citi analysts says leadership transition likely addresses
most concerns without impacting near-term growth
** We do not think the near-term earnings outlook will be
impacted by the change — Citi
** Brokerage upgrades rating to "buy" from "neutral"
** Stock up 31.8% YTD as of last close
(Reporting by John Biju in Bengaluru)
((mailto:John.Biju@thomsonreuters.com))