The WiseTech Global Ltd (ASX: WTC) share price is edging higher on Monday morning.
At the time of writing, the logistics solutions technology company's shares are up 0.5% to $120.84.
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Why is the WiseTech Global share price rising?
Investors have been buying the company's shares this morning after it made a big announcement before the market open.
According to the release, following an external and internal search, WiseTech Global has appointed Zubin Appoo as its permanent chief executive officer (CEO), effective immediately.
Appoo succeeds Andrew Cartledge, who has served as interim CEO from October 2024 and will retire as previously announced at the end of calendar 2025.
Cartledge will remain an employee of WiseTech until his retirement and will be working on a number of key projects that draw on his specific skillsets. He will also be available to assist in any additional handover Zubin may require.
Who is the new leader?
The release notes that Appoo is a proven technology leader that has over 20 years' experience in leading and growing teams that deliver strategic outcomes and commercialise market-disrupting products.
This will be a bit of a homecoming for the company's new CEO. That's because Appoo had a foundational role in the rapid growth of WiseTech between 2004 and 2018, working directly with co-founder and then-CEO Richard White in shaping the company's growth strategy.
The company notes that he "brings a compelling mix of skills to the WiseTech CEO role, coupling an extensive understanding of WiseTech's business, its product development pipeline and the global logistics industry, with experience as a leader in businesses outside WiseTech across various sectors."
Since 2018, Appoo has held various executive leadership roles with responsibilities across disruptive technology, innovation, people, culture, revenue and strategy. This includes as chief technology officer at InLoop, Flexischools and HICAPS (a National Australia Bank Ltd (ASX: NAB) business) and as CEO at Find a Carer.
Commenting on the appointment, WiseTech co-founder and executive chair, Richard White, said:
As WiseTech enters the next phase of its growth trajectory, it is imperative that we have a strong succession plan in place. Zubin's proven leadership skills, extensive background in technology and product development, coupled with his deep understanding of WiseTech, our culture and products, as well as the logistics industry, makes him uniquely qualified to lead the WiseTech team.
Since rejoining WiseTech as Chief of Staff, Zubin has been working closely with our senior leadership team, our development teams, as well as customers, and investors. He has immersed himself in WiseTech's business operations with a focus on driving innovation, value creation, and efficiencies. His extensive prior experience at WiseTech, and his performance since rejoining prove he is able to lead WiseTech. The Board, senior leadership team and I personally look forward to working with Zubin to accelerate value creation for WiseTech shareholders, customers and staff.
The WiseTech Global share price is now up almost 40% over the past three months.
