Singapore Post (SingPost) has appointed Isaac Mah as its new Group Chief Financial Officer (CFO), following the dismissal of its previous CFO and two senior executives last week. Mah, who joined SingPost in 2019, recently oversaw the sale of the company’s Australian business to Pacific Equity Partners. This appointment comes as SingPost navigates the fallout from a mishandled whistleblower report.
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New Leadership Amidst Controversy
The leadership shakeup at SingPost stemmed from the company’s “negligent” handling of a whistleblower report, leading to the termination of former Group CFO Vincent Yik, CEO Vincent Phang, and International Business Unit Chief Li Yu. The report alleged misconduct related to employees in the company’s international e-commerce logistics parcels business.
SingPost, backed by Temasek Holdings, has stated it will appoint a new Group CEO in due course. The company’s shares have declined 5.4% since the dismissals were announced. Temasek remains the largest shareholder with a 21.75% stake, followed by Alibaba Investment with 11.21%.
Former Executives Dispute Termination
Both Phang and Yik contest their terminations, claiming they were not adequately involved in the investigation as outlined in the company’s whistleblowing policy. They assert they only received complete information on April 27th, after an external forensic team completed its investigation.
According to their joint statement, a majority of the shipments under scrutiny were destined for areas with known issues, such as conflict zones. They argue that assessing the financial impact and determining any wrongdoing by junior staff before communicating with the customer was crucial.
Settlement Reached, Details Remain Confidential
Phang and Yik state they followed board instructions after being briefed on the forensic team’s findings. A settlement was reached with the customer, which they claim did not have a material financial impact. Full details of their responses were submitted to the board on November 22nd. The identity of the customer remains undisclosed.
Looking Ahead
Mah’s appointment as CFO marks a critical step for SingPost as it addresses internal challenges and seeks to restore investor confidence. The company’s future leadership and its response to this controversy will significantly impact its long-term performance in the competitive logistics market. The selection of a new CEO and the ongoing scrutiny surrounding the whistleblower report will continue to be key areas of focus for investors and industry analysts.
