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SingPost fires 3 top execs, including CEO and CFO, over handling of probe
The Straits Times
|December 23, 2024
Trio found to have failed to exercise due diligence, breached their duties to company
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Singapore Post has terminated the employment of three of its senior management staff after it concluded investigations over a whistle-blower's report that it received earlier in 2024.
The employment of group chief executive officer Vincent Phang, group chief financial officer Vincent Yik, and the chief executive of the company's international business unit (IBU) Li Yu was terminated with immediate effect on Dec 21.
Mr Phang was also requested to resign as a director of SingPost and all its related companies in accordance with his contractual obligations, the company said in a bourse filing on Dec 22.
SingPost will announce the appointment of its new group CEO "in due course", while Mr Isaac Mah, the current CFO of its Australian business, FMH Group, will be appointed as the new group CFO.
Meanwhile, an acting CEO will be appointed to lead the IBU pending a board review of the unit - no appointment of a new international business CEO is being proposed at this stage.
Board chairman Simon Israel will provide increased guidance to and exercise greater oversight of the senior management leadership team.
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