Singapore Post To Change CFO in Feb 2022; New CFO To Help Drive Australia Growth Strategy

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DigitalCFO Newsroom | 13 December 2021

Singapore Post (SingPost) is replacing its group CFO with the former CFO of OUE Lippo Healthcare.

MAINBOARD-LISTED mail carrier Singapore Post (SingPost) is replacing its group chief financial officer (CFO) with the former CFO of OUE Lippo Healthcare (OUELH). Vincent Yik, 49, will take over at SingPost on Feb 11, 2022, the board disclosed in a bourse filing on Friday (Dec 10), as Richard Lai, 51, is leaving “to pursue other career opportunities”. The SingPost board noted that Yik is expected to lead “the continued transformation of our business, especially with Australia as a key part of our strategy”.

Yik – who left Catalist-listed OUELH in end-Nov 2021, citing job opportunities – has experience in Asia and “extensive operating experience of the Australia market”, SingPost’s board added. He last served as OUELH CFO from Jul 2019 to Nov 2021. Before that, he was chief executive of investment firm RS Four from Jan 2018 to Jul 2019, and chief operating officer for Australia properties at Far East Organization in Sydney from Jan 2014 to Dec 2017.

SingPost has been expanding in Australia, with revenue contributions from that market growing to 19.1 per cent in the first half of FY2022, from 17.2 per cent in the year-ago period. And shareholders recently approved taking a majority stake in Australian logistics service provider Freight Management Holdings at an extraordinary general meeting, also on Friday. The deal will see SingPost increase its interest from 38 per cent to 51 per cent for A$84.5 million (S$82.5 million).

Lai, the outgoing SingPost CFO, has been in the role since Aug 2018. There are no unresolved differences in opinion on material matters between Lai and the board or issues that need to be brought to shareholders’ attention, the board noted in its filing. His resignation comes just months after the departure of former SingPost CEO Paul Coutts, who was replaced on Sep 1, 2021, by logistics industry veteran Vincent Phang. SingPost shares closed on Friday at S$0.65, lower by half a Singapore cent or 0.76 per cent, before the announcement.

Source: The Business Times (Annabeth Leow)