Richard White the founder and chief executive of WiseTech will step down as a director and as CEO with immediate effect.

“It has been a challenging time for me personally, my family and close friends, and for the company that I have built and truly love,” Mr White said.

“I want to assure all those who have supported WiseTech, as customers, colleagues, and shareholders, that I remain absolutely committed to seeing this incredible organisation continue to thrive and grow in the coming years.”

Chief financial officer Andrew Cartledge will become WiseTech’s interim CEO. Mr Cartledge who joined WiseTech as CFO in 2015, had been set to retire at the end of the year, but will stay on as needed by the company.

Mr White’s departure after 30 years at the helm of the business comes amid a series of allegations of inappropriate behaviour levelled at the billionaire founder. An investigation by The Australian Financial Review, The Sydney Morning Herald and The Age has revealed Mr White paid for a multimillion-dollar house for one of his employees, and had been accused by an outgoing WiseTech Global director of intimidation and bullying.

The Financial Review is not suggesting that Mr White is guilty of intimidation and bullying, only that one of the company’s former directors, Christine Holman, had raised the accusations as she quit. The investigation also found Mr White approached female entrepreneurs with offers of professional support that would shift into crude or suggestive language.

The board said that it has hired law firms Herbert Smith Freehills and Seyfarth Shaw to assist its review of the allegations which have been made against Mr White.

“As WiseTech continues to grow, and becomes increasingly international, the board recognises that its governance practices will also continue to evolve. We are taking a fresh look at what we are doing well and what we can enhance,” WiseTech chairman Richard Dammery said.

The board announced on Thursday afternoon that when Mr White returns from a short period of leave, he will commence a new full-time, long-term consulting role, focused on product and business development.

Under his new consulting arrangement, Mr White will be paid $1 million per year as “founder and founding CEO”. The full-time role will run for a 10-year period, and can be extended a further five years by agreement. Mr White is to report to the chair and board on activities, with priority focus areas to be reviewed quarterly or otherwise as required.

Mr Dammery described Mr White as a “true giant of the Australian technology industry”.

“By proposing this change in role, Richard has put the company and its shareholders first, and he has taken the natural next step in evolving his role as founder to best add value to WiseTech for the long-term,” Mr Dammery said.

The company said the search for a new CEO would begin soon.