Singapore Post Ltd. (SingPost) has appointed a new group chief financial officer (CFO) as the company continues its search for a new chief executive officer (CEO) following the dismissal of several senior executives due to misconduct allegations. The leadership shakeup comes after an internal investigation revealed ethical breaches within the company’s international e-commerce logistics division.
SingPost announced on Sunday that Isaac Mah, the current CFO of its Australian subsidiary, Freight Management Holdings Pty, will return to Singapore to assume the role of group CFO. Concurrently, Gan Heng, the head of the South District International Business Unit (IBU), has been appointed as acting CEO of the IBU.
These appointments follow the recent termination of three senior executives for disciplinary reasons. The dismissals stemmed from a whistleblower report alleging misconduct within SingPost’s international e-commerce logistics parcel business. An internal investigation revealed that several IBU employees manually altered delivery status codes to circumvent contractual penalties with a major customer.
Following the news of the dismissals last week, SingPost shares experienced their most significant intraday decline since March 2020. However, as of Monday morning in Singapore, trading remained stable.
Despite the recent turmoil, SingPost affirmed that the previously announced sale of its Australian business remains on schedule. Furthermore, the company disclosed that it reached a settlement with the affected customer and renewed its contract with them in August. The identity of the customer remains undisclosed. The leadership transition and ongoing CEO search underscore SingPost’s commitment to addressing the internal issues and restoring confidence in its operations. The appointment of experienced executives like Mah and Heng signals a move toward stability and reinforces the company’s focus on its core business strategies.
