SINGAPORE: In the aftermath of the dismissal of three senior executives over a whistleblower report, Singapore Post announced on Sunday (Dec 29) that Isaac Mah would be its new group Chief Finance Officer.
Mr Mah, previously the finance chief of SingPost’s Australia division, first joined the organization in 2019.
Mr Mah had recently overseen the sale of its Australian business to Australian private equity firm Pacific Equity Partners, following a strategic review of SingPost’s Australian operations, which include Freight Management Holdings, earlier in 2024.
Gan Heng, who currently heads the South District of SingPost’s IBU, will be the unit’s acting CEO.
SingPost also said, “Business operations continue as usual, with leadership succession plans in place. Board Chairman Simon Israel will provide interim guidance and oversight to the senior management leadership team.”
A new CEO for SingPost will be announced “in due course,” it said.
On Dec 21, SingPost group announced it had fired three senior executives following an investigation into a whistleblower report it received earlier this year.
Group CFO Vincent Yik, Chief Executive Officer Vincent Phang, and International Business Unit (IBU) chief Li Yu were found to have been “negligent” in handling the whistleblower report.
SingPost’s dismissal of Messrs Yik, Phang, and Li had come in the wake of a whistleblower report related to its non-regulated international e-commerce logistics business from earlier this year.
The report led to an internal investigation that uncovered “serious breaches of the company’s code of conduct.”
It showed that three IBU managers had bypassed standard procedures by making manual updates to deliveries for one of the company’s largest customers.
The managers were dismissed, with SingPost filing a police report against them and hiring an external law firm to review the management’s actions in the case.
The review found that Messrs Yik, Phang, and Li had been “grossly negligent” in handling the internal investigation and that they failed to consider important facts that affected their decision-making and/or did not perform their duties properly.
On Dec 29 (Sunday), SingPost’s Board of Directors issued a response to comments and questions regarding the dismissal of the three senior executives.
The response, published on the Singapore Exchange (SGX) website, gives an account of the investigation and disciplinary process leading to the dismissals.
“The termination of senior management was a carefully considered decision by the Board, based on established facts and supported by legal advice, including a second independent opinion from Senior Counsel of another law firm.
This decision reflects the Board’s unwavering commitment to governance principles, prioritizing what is right – even when it is more challenging in the short term – in the best interests of the Company,” Mr Israel, the Chairman of the Board, said. /TISG