[SINGAPORE] Singapore Post (SingPost) has appointed Teo Swee Lian, 65, to the board as chairman-designate and non-independent non-executive director with effect from Wednesday (May 21).
She will also be appointed as an additional member of the finance and investment committee, compensation committee and nominations and corporate governance committee.
The postal services company said in a bourse filing on Wednesday that her appointment comes at the conclusion of a search by the SingPost board to succeed Simon Israel, 72.
Teo will assume the role of chairman at the conclusion of SingPost’s next annual general meeting when Israel retires after nine years at the helm.
Her portfolio includes board and directorship roles with Singtel and AIA Group, as well as 27 years of financial services experience with the Monetary Authority of Singapore. Teo is currently chairman of CapitaLand Integrated Commercial Trust. She is also a director of HSBC Holdings and Clifford Capital Holdings.
Outgoing chairman Israel said: “SingPost is undergoing a significant transformation to adapt to the evolving postal, e-commerce and logistics landscape. (Teo’s) experience will contribute to the board’s oversight and direction for the new strategy.”
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Under Israel’s leadership, the company had undergone several major changes.
On May 15, the group reported an underlying net loss of S$461,000 for the second half-year ended Mar 31, from its net profit of S$28.1 million in the year-ago period. Shares plunged nearly 12 per cent after the news.
Although its H2 net profit surged 232.7 per cent to S$222.5 million – mainly due to the divestment of its Australia business – this was partially offset by impairment charges of S$79.6 million, primarily for Quantium Solutions.
SingPost and Alibaba agreed to end their minority cross-shareholdings in Quantium Solutions.
The postal service provider, which owned a majority of Quantium Solutions, bought Alibaba’s stake for S$36.9 million.
Meanwhile, the postal service provider has ruled out the possibility of a nationalisation, even as it said it is working with the Singapore government to come up with an operating model that is profitable and sustainable.
The current SingPost board’s tenure has been marked by the public dismissal of its top management team, with the group’s CEO position still vacant.
These manpower changes followed an announcement by SingPost in February on the retrenchment of 45 employees, with the company saying the layoffs would primarily be in corporate support units.
As at 9.49 am, SingPost shares were 0.9 per cent or S$0.005 lower at S$0.56 on Wednesday.
