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FEAR & GREED | Business News
WiseTech in crisis; Coalition ahead in polls; petrol, diesel sales hit record
Feb 24, 2025
WiseTech Global faces a governance crisis as four independent directors resign over disputes, raising questions about its future. Meanwhile, political polls suggest a potential shift in power as opposition leader Peter Dutton gains traction. In an unexpected turn, petrol and diesel sales in Australia hit record levels. Additionally, Perpetual bids farewell to a $2.2 billion proposal from KKR, highlighting the ever-evolving landscape of corporate finance. The podcast also touches on market fluctuations and earnings reports revealing growth in utilities and banking.
17:57
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Quick takeaways
- WiseTech Global faces a governance crisis following the resignation of key directors amid disputes over founder Richard White's influence.
- Recent polling data shows a potential lead for the coalition over Labor, indicating shifting voter sentiments ahead of the upcoming election.
Deep dives
WiseTech Global's Crisis and Board Resignation
WiseTech Global is currently facing significant turmoil following the resignation of four independent directors, including the chairman, over major disagreements regarding the founder, Richard White. The resignations were attributed to 'intractable differences' within the board, particularly concerning White’s ongoing role as he holds a substantial 38% ownership in the company, which he founded in 1994. The crisis intensified with a recent downgrade in the company's earnings outlook due to delays in the launch of new products, leading to a 20% decline in share price upon trading resumption. This situation not only raises questions about WiseTech's governance but also highlights the tension between founder influence and board independence in corporate settings.
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