At the market's opening in Sydney, the stock rose by as much as 22%, reaching A$121.33, marking its most robust trading day since August 2021 and recovering nearly all losses incurred earlier in the week.
The company confirmed that White would step down as CEO but would remain engaged in a full-time consulting capacity, while Andrew Cartledge, the finance chief, would assume the role of interim CEO, as stated after the previous day's trading concluded.
WiseTech's board is currently examining extensive allegations concerning White's personal life, which were highlighted in recent media reports related to a civil court case that has since been resolved. As the largest shareholder, White ranks among Australia's wealthiest individuals.
In a statement, White expressed that it had been "a challenging time for me personally, my family and close friends, and for the company that I have built and truly love."
Morningstar analyst Roy van Keulen noted that although White is no longer in the CEO position, his ongoing focus on product and business development in his new role would benefit investors.
"Given our assessment of WiseTech as a product-led company, we view White's continued involvement in this area as a favorable outcome for shareholders," van Keulen remarked.
Since the emergence of media reports regarding White earlier this month, approximately A$7.7 billion ($5.1 billion) has been erased from the company's market capitalization, which stood at A$39 billion following Friday's gains.
Citi analysts upgraded the stock from "neutral" to "buy," indicating that the leadership transition likely alleviates concerns without hindering the company's short-term growth prospects.
"We do not anticipate that the near-term earnings outlook will be affected by this change and also see industry freight volumes as a supportive factor for FY25 growth," Citi stated.