Latest news with #SimonIsrael
Online Citizen
21-05-2025
- Business
- Online Citizen
Teo Swee Lian appointed SingPost chairman-designate as Simon Israel prepares to step down
Teo Swee Lian, 65, has been appointed to the board of Singapore Post Limited (SingPost) as a Non-Independent Non-Executive Director and chairman-designate, with effect from 21 May 2025. She is the sister of Teo Chee Hean, Singapore's former Senior Minister. Her appointment follows a formal search by the board to identify a successor to current chairman Simon Israel, 71. He will step down after SingPost's next Annual General Meeting (AGM), concluding a nine-year term as chairman since 2016. Teo Swee Lian will assume the role officially following the AGM. Previously, Teo served on the board of Singapore Telecommunications Ltd (Singtel) and held other key positions across financial and regulatory institutions. Her past roles also include directorships at AIA Group Limited and the Dubai Financial Services Authority. Her current appointments include Chairman and Non-Executive Independent Director at CapitaLand Integrated Commercial Trust Management Limited, as well as board positions at HSBC Holdings PLC, Clifford Capital Holdings Pte Ltd, and Clifford Capital Pte Ltd. She has over 27 years of experience at the Monetary Authority of Singapore, bringing a strong financial policy and regulatory background to the role. Simon Israel stated, 'Swee Lian's appointment concludes the Board renewal process, and she will lead the Board in the ongoing Strategic Reset of the Group.' He added that SingPost is 'undergoing a significant transformation to adapt to the evolving postal, eCommerce, and logistics landscape.' The board has indicated that her appointment is intended to support the company's strategic oversight during this period of operational change and repositioning. She is also involved in the non-profit sector, serving on the boards of CSCC Agape Fund and Caritas Singapore Community Council Limited. The board thanked Israel for his 'dedicated and tireless service' over the last nine years. Under his leadership, SingPost pursued international expansion and initiated a series of strategic shifts to strengthen its logistics capabilities. The leadership transition at SingPost also comes on the heels of a turbulent period for the company. In December 2024, SingPost dismissed three senior executives following an internal probe into a whistleblower's report. The investigation concluded that there had been 'grossly negligent' conduct in how internal matters were handled. Those dismissed were group CEO Vincent Phang, group CFO Vincent Yik, and Li Yu, the chief executive of SingPost's international business unit. All three have indicated their intention to contest the termination decisions. At the time, Israel, in a filing to the Singapore Exchange, stated that the board had 'carefully considered' the matter. He said the action 'reflects the board's unwavering commitment to governance principles, prioritising what is right – even when it is more challenging in the short term – in the best interests of the company'. In February 2025, SingPost also announced the layoff of 45 employees, part of a restructuring exercise it described as a move to 'right-size and devolve corporate functions to its business units'. The company maintained that this exercise was unrelated to the whistleblower investigation or the earlier dismissals. The restructuring led to the exit of five other senior executives, including the group chief information officer and the group chief people officer. Despite the upheaval, SingPost reported a full-year net profit of S$245.1 million (approximately US$188 million) for the financial year ended 31 March 2025. The profit more than doubled the previous year's figure, largely attributed to the divestment of its Australia business.
Straits Times
21-05-2025
- Business
- Straits Times
Teo Swee Lian to be next SingPost chairman with Simon Israel retiring after 9 years
Ms Teo Swee Lian (left) has been named as chairman-designate to succeed Mr Simon Israel. PHOTOS: SINGPOST Teo Swee Lian to be next SingPost chairman with Simon Israel retiring after 9 years SINGAPORE - Singapore Post has named Ms Teo Swee Lian, who served many years at Singapore's central bank , as chairman-designate to succeed Mr Simon Israel. SingPost said on May 21 that she will assume the role after the next annual general meeting, when Mr Israel will retire after nine years in his position. Ms Teo will also be a non-independent, non-executive director. She will be appointed as an additional member of the finance and investment committee, compensation committee and nominations and corporate governance committe e. 'Her appointment concludes the board renewal process, and she will lead the board in the ongoing strategic reset of the Group,' Mr Israel said. He added that 'SingPost is undergoing a significant transformation to adapt to the evolving postal, e-commerce, and logistics landscape. Her experience will contribute to the board's oversight and direction for the new strategy.' Ms Teo, 65, has over 27 years of experience in financial services with the Monetary Authority of Singapore. From 2013 to 2015, she was MAS special advisor, managing director's office. She also held other senior other roles at MAS such as deputy managing director for financial supervision. Ms Teo is also chairman and non-executive independent director of CapitaLand Integrated Commercial Trust Management, while holding directorship positions at HSBC Holdings, among others. SingPost, which is undergoing a strategic review and restructuring, has yet to appoint a new chief executive officer. At the end of 2024, the company sacked three senior executives - including group CEO Vincent Phang - for mishandling whistle-blowing reports that revealed cases of data falsification at the company's international business unit. Mr Phang, along with chief financial officer Vincent Yik and international business unit CEO Yu Li, have hired lawyers and are contesting the decision. Seven executives were also reported to have left the company in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. In February, SingPost said it will lay off around 45 workers in the coming months, as part of efforts to trim operations. After selling its Australian business, which was completed in March, the group has taken steps to sharpen focus on its core business. As part of restructuring efforts, the international cross-border business was reintegrated into the Singapore postal and logistics business to drive operational efficiencies. For its second half-year, SingPost posted an underlying net loss of $0.5 million, reversing a $28.1 million profit in the same period last year. SingPost shares were down 0.9 per cent at 56 cents as at 10.26am on May 21. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
21-05-2025
- Business
- CNA
Teo Swee Lian to succeed Simon Israel as SingPost chairman
SINGAPORE: Singapore Post on Wednesday (May 21) appointed Ms Teo Swee Lian as its Chairman-designate. She will succeed Mr Simon Israel, who is retiring after nine years, SingPost said in a media release on Wednesday. Mr Israel has been at the helm since 2016. Ms Teo appointment "comes at the conclusion of a search by the SingPost board" to find a successor and she will assume the role the company's next annual general meeting. The date for the meeting has yet to be announced. Ms Teo previously held board and directorship roles with Singtel and AIA Group. She is currently the chairman and a non-executive independent director of CapitaLand Integrated Commercial Trust Management. She is also holding directorship positions at HSBC and Clifford Capital. "She also brings with her over 27 years of financial services experience with the Monetary Authority of Singapore," SingPost said. 'Swee Lian's appointment concludes the board renewal process, and she will lead the board in the ongoing strategic reset of the group," Mr Israel said. He noted that the company was undergoing a "significant transformation to adapt to the evolving postal, eCommerce, and logistics landscape". Ms Teo's experience "will contribute to the board's oversight and direction for the new strategy", he added. In December last year, SingPost fired three senior executives after a probe into a whistleblower's report found "grossly negligent" behaviour in their handling of internal investigations. The three executives, group CEO Vincent Phang, group CFO Vincent Yik and the chief executive of SingPost's international business unit Li Yu, have said they would contest their sackings. In a filing to the Singapore Exchange then, Mr Israel said that the decision was "carefully considered" by the SingPost board. It "reflects the board's unwavering commitment to governance principles, prioritising what is right – even when it is more challenging in the short term – in the best interests of the company", he said . Amid a restructuring exercise to "right-size and devolve corporate functions to its business units" that the company said was unrelated to any previous incidents or whistleblowing reports, SingPost announced a layoff of 45 employees in February. The restructuring exercise also involved the departures of five key executives, including SingPost's group chief information officer and group chief people officer. SingPost reported reported a full year net profit of S$245.1 million (US$188 million) for the financial year ended Mar 31.
Singapore Law Watch
15-05-2025
- Business
- Singapore Law Watch
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss
SingPost to pay special dividend of 9 cents from Aussie divestment, sees underlying second-half loss Source: Straits Times Article Date: 15 May 2025 Author: Sue-Ann Tan SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. Singapore Post announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia. Including an interim dividend of 0.34 cents, which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15. Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH). This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions. 'The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group's balance sheet and funding future growth of the business,' SingPost said in its filing on the Singapore Exchange. SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year. SingPost board chairman Simon Israel said: 'The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.' Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. For its second half-year, SingPost posted an underlying net loss of $0.5 million, reversing from a $28.1 million profit in the same period last year. Singpost shares fell 9.45 per cent, or six cents, to 57.5 cents as at 9.20am, after its results announcement. 'This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector,' the company said. SingPost said the global economic outlook remains clouded by ongoing trade tensions, with US tariffs and retaliatory measures by key trading partners. 'In the logistics sector, the impact has been particularly pronounced. Cross-border logistics volumes have come under pressure. This, along with geopolitical tension, has led to a more uncertain and challenging operating environment,' it said. SingPost added that these challenging conditions intensified in the second half of the financial year and are expected to persist into the coming financial year. But it also noted that after the divestment of the Australia business, the group has taken steps to sharpen its focus on its core business including streamlining its operations to right-size the cost base. The international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve business synergies and drive operational efficiencies, it said. Efforts are also under way to strengthen the Singapore postal and logistics operations for greater efficiency, with a $30 million investment in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. SingPost's full-year revenue also fell, to $813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by headwinds in its international segment, it noted. On the other hand, the Singapore segment registered a modest increase of 2.9 per cent in revenue to $326.7 million. This was underpinned by the property business, which recorded a strong 11.9 per cent increase in revenue. SingPost added that its strategic review and reset is ongoing. It had said earlier that it is undergoing restructuring to optimise its operations and corporate functions. Seven executives were reported to have left the company amid the restructuring in April. These include head of strategy and communications Lee Eng Keat, group chief people officer Sehr Ahmed, group chief information officer Noel Singgih, chief sustainability officer Michelle Lee and chief information security officer Audrey Teoh. The restructuring is 'the result of prolonged macroeconomic challenges facing the business, including intense competition', SingPost had said in a February statement, adding that the exercise is not correlated with previous incidents and whistleblowing reports. SingPost said at the end of 2024 that it had received whistleblowing reports that revealed cases of data falsification at the company's international business unit. Three senior executives – group chief executive Vincent Phang, chief financial officer Vincent Yik and international business unit CEO Yu Li – were sacked for mishandling the reports. All three have hired lawyers and are contesting the decision. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
CNA
15-05-2025
- Business
- CNA
SingPost reports S$245 million net profit following sale of Australia business
SINGAPORE: Singapore Post reported a full year net profit of S$245.1 million (US$188 million) for its financial year that ended Mar 31. This figure, more than double last year's, was due to the company's "exceptional gain" from the divestment of its Australia business, SingPost said in a media release on Thursday (May 15). The company recorded a net exceptional gain of S$222.2 million for the full year. This comprised largely of a gain on disposal of SingPost Australia Investments of S$302.1 million and fair value gain on properties of S$15.2 million, offset partially by impairment charges of S$79.6 million primarily for Quantium Solutions, it said. It was reported in December 2024 that the company was selling its Australian business, Freight Management Holdings (FMH), to private equity firm Pacific Equity Partners. The sale was expected to generate a gain on disposal of S$312.1 million, the company said in a Singapore Exchange filing at the time. On Thursday, the company said the proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening its balance sheet and funding future growth of the business. Its board also recommended a S$202.5 million special dividend at 9 cents per ordinary share. "The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders,' said SingPost board chairman Simon Israel. The dividends are subject to shareholder approval at its 33rd Annual General Meeting, with the date for payment and the record date of the special dividend to be disclosed at a later time. UNDERLYING NET PROFIT FELL Excluding the net exceptional gain, SingPost saw its underlying net profit dip more than 40 per cent to S$24.8 million for the financial year. The company also had a net loss of S$0.5 million in the second half of the financial year, a contrast to the S$28.1 million profit in the same period last year. "This downturn reflects the intensifying challenging and uncertain conditions in the global logistics sector," SingPost said. SingPost's full-year revenue stood at S$813.7 million, a 7.5 per cent year-on-year decrease, primarily driven by "headwinds in its international segment", which also saw revenue decline by 11.2 per cent to S$494.3 million. The Singapore segment registered a modest increase of 2.9 per cent in revenue to S$326.7 million, underpinned by the property business, which recorded a strong 11.9 per cent increase in revenue to S$86.9 million, it said. SingPost added that within the international segment, the freight forwarding business - Famous Holdings group - showed positive momentum, although "the overall segment performance was more muted". "CHALLENGING OPERATING ENVIRONMENT" The company said the global economic outlook remains clouded by ongoing trade tensions following the imposition of US tariffs and retaliatory measures by key trading partners. "These developments have disrupted international trade flows, created greater volatility in supply chains and weakened global economic forecasts," SingPost said. It noted that the logistics sector has been impacted, with cross-border logistic volumes "under pressure". "This, along with geopolitical tension, has led to a more uncertain and challenging operating environment." SingPost expects the "challenging conditions" to persist into this financial year. Additionally, after the divestment of its Australia business, the group has taken steps to sharpen its focus on its core business, which includes streamlining its operations to right-size the cost base. Following the review by the board, the company's international cross-border business has been reintegrated into the Singapore postal and logistics business to achieve "business synergies and drive operational efficiencies". The cross-border business will continue to be part of SingPost's product offering, leveraging the international postal network, it added. SingPost also said that efforts are underway to strengthen Singapore's postal and logistics operations for greater efficiency, with a S$30 million investment in a new automation system to expand processing capacity for small parcels at the Regional eCommerce Logistics Hub facility, creating a pathway for future growth. The company added that it remains engaged with the Singapore government on the future operating model that will place the postal service on a profitable and sustainable footing. "The group remains committed to disciplined capital management, safeguarding cash flow and exercising cost prudence to preserve financial strength. "The group also continues to explore opportunities to progressively divest and unlock the value of non-core businesses and assets," SingPost said. The review and reset of the company's strategy is ongoing. In February, SingPost said that it would lay off 45 employees – primarily in corporate support units – in a restructuring exercise. "For affected roles, the company has exhausted options to find alternative positions within SingPost," the company said then. It added that the layoffs were "not correlated" with any previous incidents or whistleblowing reports. In December last year, SingPost fired three senior executives after a probe into a whistleblower's report found "grossly negligent" behaviour in their handling of internal investigations. The three executives
