(Bloomberg) — Singapore Post Ltd. named a group finance chief and said the search for a chief executive was continuing after it sacked a number of senior executives over allegations of misconduct.
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Isaac Mah, currently the CFO of the company’s Australian business, Freight Management Holdings Pty, will return home to take over as group CFO, the Temasek Holdings Pte-backed firm said in a filing on Sunday. He also appointed Gan Heng, who currently heads the International Business Unit of the Southern District, as CEO of IBU.
The appointments follow the dismissal of three senior executives on disciplinary grounds, following a whistleblower’s report about lapses in its international e-commerce logistics parcel business. Singapore Post’s investigations into the report allegedly found that several employees in the IBU made manual entries of some delivery status codes with the intention of avoiding contractual penalties with one of the company’s largest customers.
The company’s shares, which fell the most intraday since March 2020 after the layoffs last week, were traded unchanged as of 9:30 a.m. in Singapore on Monday.
Singapore Post said the sale of its Australian business, announced earlier this month, remains on track.
The company also paid a settlement to the unidentified client, in addition to renewing its contract with the client in August.
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2024-12-30 01:59:00
