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SingPost deputy chairman to step down

SINGAPORE — In another departure of the old guard from Singapore Post (SingPost), its deputy chairman and executive director, Mr Goh Yeow Tin, will be stepping down next month.

SINGAPORE — In another departure of the old guard from Singapore Post (SingPost), its deputy chairman and executive director, Mr Goh Yeow Tin, will be stepping down next month.

“Mr Goh Yeow Tin wishes to devote more time to his other commitments and shall resign from the board with effect from June 24, 2016,” said SingPost in a brief filing to the Singapore Exchange.

Mr Goh’s role was overseeing the group’s post-merger integration activities, and the business and operations in Singapore. He currently also holds directorships in 10 other businesses, including Vicom and Sheng Siong Group.

Earlier this month, corporate heavyweight Simon Israel took up the post of SingPost chairman, taking up the role left vacant by Mr Lim Ho Kee when he stepped down.

The appointment of Mr Israel — current chairman of Singapore’s largest listed company Singtel and former executive director and president of Temasek Holdings — is expected to lend stability to the beleaguered postal and logistics services firm, which has suffered from a leadership crisis since group CEO Dr Wolfgang Baier resigned abruptly last December.

Dr Baier’s resignation had taken the market by surprise as he had, just months earlier, won the best CEO award at the Singapore Corporate Awards for companies with S$1 billion and above in market capitalisation and was touted as the force behind SingPost’s evolution into a regional e-commerce and logistics leader.

The search for Mr Baier’s replacement as group CEO continues.

The group has also come under scrutiny from the Accounting and Corporate Regulatory Authority, which has asked for the joint special audit report on SingPost’s corporate governance dated May 3 as the regulator “is commencing investigations into possible breaches of the Companies Act as highlighted in the report”.

SingPost has released only a summary of its special audit report.

Drew & Napier and PricewaterhouseCoopers were appointed by SingPost to carry out the special audit after it emerged that board member Mr Keith Tay was a shareholder and chairman of the financial adviser to three freight forwarders the postal-services provider bought in 2013, 2014 and 2015.

In the summary report, the auditors said the failure to disclose Mr Tay’s interest in the deal arrangements “does not appear to have been deliberate or intended to conceal interest” and that the timing of the disclosures “would have made no difference”.

Mr Tay resigned from his post as SingPost’s lead independent director following the release of the special audit report.

SingPost earlier this month reported a 57.9 per cent rise in its full-year net profit to a record S$248.9 million, boosted by massive one-off divestment gains.

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