An independent review has cleared Wisetech Global co-founder Richard White of allegations made against him, including bullying and undisclosed workplace relationships.
The billionaire tech entrepreneur stepped down as chief executive on October 24 as the allegations swirled, although he will continue as a full-time consultant at the same salary of $1 million a year.
Separately, Wisetech said on Friday that the "distractions" as a result of the recent media attention and subsequent organisational changes would result in the delay of its container transport optimisation product, resulting in a delay to anticipated revenue.
Wisetech said that it now expects to bring in $1.2 billion to $1.3 billion in revenue in 2024/25, down from its previous forecast of $1.3 billion to $1.35 billion.
Wisetech also cut its operating earnings by about eight per cent, to roughly $630 million.
Wisetech Global's board said the review that cleared Mr White was conducted largely by law firm Seyfarth Shaw, which interviewed 21 people in 30 interviews.
The review found that all of Mr White's close personal relationships in the workplace were properly disclosed under relevant policies, according to a four-page summary of the report that Wisetech released to the ASX.
There's no evidence that a current Wisetech employee romantically tied to Mr White received excess remuneration or benefits, the review found.
The review also cleared Mr White of allegations he had spent Wisetech funds on a plastic surgery operation he underwent in 2019 and that Wisetech had improperly paid the travel expenses of beauty entrepreneur Linda Rogan.
The review found Mr White has a "direct" approach in the workplace that involved "robust and challenging discussions," but nothing that could be characterised as bullying or intimidation.
The board said it was continuing to evolve its governance processes with advice and support from Seyfarth Shaw and Herbert Smith Freehills.
Mr White told the company's annual general meeting in a pre-recorded video message that he deeply regretted the impact that recent media reports have had on his friends, loved ones, the Wisetech team and shareholders.
He said as a consultant he would be focused on driving product innovation and business growth, work that would be 'far more valuable' for Wisetech.
The annual general meeting was ongoing late Friday afternoon.
