SYDNEY--WiseTech Global shares hit a near five-week low after the logistics software developer downgraded its annual earnings guidance following its recent management overhaul.

The stock tumbled early Friday on WiseTech's warning that it now expects annual earnings before interest, tax, depreciation and amortization of between 600 million and 660 million Australian dollars (US$390.6 million-US$429.7 million). That was 7.4% lower at the range midpoint than the company's prior forecast.

Shares fell as much as 19%, to A$112.12, their lowest intraday level since Oct. 28. They were recently at A$125.74, down 9.5% from Thursday's close.

WiseTech said that founder Richard White's exit from the CEO role amid negative media reports regarding his behavior had delayed the commercial launch of a new product. It is now likely to launch some time between January and June.

In a separate announcement, WiseTech released initial findings from a review into White and company governance, largely clearing the former CEO of wrongdoing.

While the downgrade was disappointing, the review update should be seen positively, RBC Capital Markets analyst Garry Sherriff said.

"The board review interim update, as well as the additional transparency provided throughout the process, provides encouragement that WiseTech will be able to move on from the recent issues and continue to focus on the business going forward," Sherriff wrote in a note.