(Bloomberg) -- WiseTech Global Ltd.’s billionaire founder and Chief Executive Officer Richard White stepped down after a series of damaging allegations over his relationships with several women.

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White will take a short period of leave before transitioning into a new role, the Sydney-based company said in a statement Thursday.

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

Pressure has grown on WiseTech’s board and White, the company’s largest shareholder, to take action after a flurry of media reports wiped more than A$7 billion ($4.6 billion) from the software provider’s market value. The stock fell 6% in Thursday trading.

The scandal erupted earlier when White attempted to push wellness entrepreneur Linda Rogan, with whom he is alleged to have had a sexual relationship, into bankruptcy. Rogan had alleged White expected her to have sex with him in exchange for an investment in her business. The case was later settled out of court.

Since then, a string of other allegations have emerged that turned a relatively little-known Australian tech company into the country’s latest corporate scandal.

The Australian Financial Review, The Sydney Morning Herald and The Age have reported that White had a sexual relationship with a woman who later made a series of damaging claims about the billionaire in late 2020 that included allegations he engaged in inappropriate behavior. White paid the woman millions of dollars to settle the matter, according to the reports. The newspapers said they’re not suggesting the allegations are true, only that they were made.

The publications then reported White also had a lengthy relationship with a WiseTech employee and gave her a luxury waterfront house in Melbourne worth A$7 million. The crisis deepened further when the Australian Financial Review reported that a former WiseTech director had accused White of intimidation and bullying. The ex-director also claimed there had been a corporate governance failure at the company.