As many investors are aware by now, it's been a horrible start to the trading week for the S&P/ASX 200 Index (ASX: XJO) and many ASX 200 shares. At the time of writing, the ASX 200 has crashed 1.66% lower and is back to around 7,850 points this Monday. But let's talk about what's happening with WiseTech Global Ltd (ASX: WTC) shares.
Wisetech shares have had a calamitous 2025 so far. The ASX 200 tech stock and logistics solutions provider started the year at $123.89 a share and rose as high as $130 a share back in February. But today, those same shares are down to $80.59 at the time of writing. That's down by almost 40% since just last month.
Today, however, Wisetech is giving its investors a reprieve from the savage market sell-off we are witnessing. Although the market is down by close to 1.7%, Wisetech shares are in the green. The company is currently enjoying a 0.59% lift to that current $80.59 share price. That's despite Wisetech stock hitting a new 52-week low of $78.07 a share in early trading this morning.
It's hard to know for sure what exactly is sparing Wisetech from the wrath of the market this Monday. However, the company did make a significant ASX announcement this morning, which could be playing a role.
Image source: Getty Images
WiseTech shares rise amid new board appointments
This announcement revealed the appointment of two independent non-executive directors to Wisetech's board. Followers of this company would no doubt be aware that Wisetech faced an exodus of sorts last month when no fewer than four board members resigned en masse. This was thanks to "intractible differences" between these board members and Wisetech's controversial co-founder, former CEO, and current chair, Richard White.
This exodus sparked a share price plunge when it was made public.
However, investors seem to be relieved with two of their replacements today.
Wisetach has revealed that Chris Charlton and Andrew Harrison have been appointed to Wisetech's board. Charlton has spent 26 years at American delivery company United Parcel Service (UPS). Meanwhile, Harrison, a former investment banker, has held several public roles at various ASX and international companies, including a previous stint as Wisetech chair.
It's possible that this announcement is what helped investors turn a corner with Wisetech shares today. Or else, perhaps the market decided that things had gone too far with the company's new 52-week low this morning. Either way, no doubt Wisetech's embattled true believers will be hoping that the company has finally turned a corner. Let's see what happens next.
