Singapore Post Shakes Up Leadership Amid Misconduct Allegations
New CFO Appointment Amidst Ongoing CEO Search
Singapore Post Ltd. has taken decisive action in response to allegations of misconduct, naming a new group chief financial officer and continuing its search for a chief executive. The move comes after the company dismissed several senior executives due to disciplinary issues.
Isaac Mah Takes the Reins as Group CFO
Isaac Mah, currently the CFO of Freight Management Holdings Pty, Singapore Post’s Australia business, will return to his home country to assume the role of group CFO. This appointment is a significant step towards stabilizing the company’s leadership.
Gan Heng Appointed Acting CEO of IBU
In addition to Mah’s appointment, Gan Heng, head of the South District International Business Unit, has been named acting CEO of IBU. This move aims to bring a sense of continuity to the unit, which has been at the center of the misconduct allegations.
Investigations Uncover Lapses in E-commerce Logistics
The company’s investigations into the whistleblower’s report revealed that several employees in the IBU had made manual entries of delivery status codes to avoid contractual penalties with one of Singapore Post’s largest customers. This discovery led to the dismissal of three senior executives on disciplinary grounds.
Share Price Remains Unchanged
Despite the turmoil, shares of Singapore Post remained unchanged as of 9:30 a.m. in Singapore on Monday. The company’s sale of its Australia business, announced earlier this month, is still on track.
Settlement and Contract Renewal with Customer
Singapore Post has paid a settlement to the affected customer and renewed its contract with the customer in August. This move demonstrates the company’s commitment to making amends and moving forward.
A New Chapter for Singapore Post
As the company navigates this challenging period, the appointments of Mah and Heng mark a significant step towards restoring stability and confidence. With the CEO search ongoing, Singapore Post is poised to emerge stronger and more resilient than ever.
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