Latest news with #TeoSweeLian
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.
Business Times
21-05-2025
- Business
- Business Times
Stocks to watch: CapitaLand Investment, CDL, SingPost, SIA Engineering, Delfi, SLB, Dasin Retail Trust
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 21). CapitaLand Investment (CLI) : The global real asset manager on Wednesday announced the launch of its first onshore master fund in China, the CLI RMB Master Fund. The fund has a total equity commitment of five billion yuan (S$921 million) and is set to contribute 20 billion yuan to CLI's funds under management when fully deployed. The counter ended Tuesday unchanged S$2.53. City Developments Ltd (CDL) : The property developer posted first-quarter sales revenue of S$1.9 billion for its property development segment in the Singapore market, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on Tuesday, for the quarter ended Mar 31. The group said that its other projects continue to register good sales, including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst in Upper Bukit Timah Road. The counter ended S$0.02 or 0.4 per cent lower at S$4.73 before the announcement. Singapore Post (SingPost) : The company has appointed Teo Swee Lian, 65, to the board as chairman-designate and non-independent non-executive director with effect from May 21. Her appointment comes at the conclusion of a search by the SingPost board to succeed Simon Israel, the postal services company said in a bourse filing on Wednesday. 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. Teo's portfolio includes board and directorship roles with Singtel and AIA Group. The counter closed 0.9 per cent or S$0.005 lower at S$0.565 on Tuesday. SIA Engineering : The mainboard-listed company signed fresh services agreements with national carrier Singapore Airlines (SIA) and its low-cost subsidiary Scoot on Tuesday, in a deal expected to yield a total labour revenue of S$1.3 billion. The new agreements took effect from Apr 1 for a term of two years, with a one-year extension option, said the company. The signing supersedes earlier contracts inked in April 2023. SIAEC's support of the SIA and Scoot fleets includes maintenance, repair and overhaul, as well as fleet management support services. The counter ended S$0.01 or 0.4 per cent higher at S$2.44 before the announcement. Delfi : The chocolate confectioner ran up a 27.2 per cent drop in earnings before interest, taxes, depreciation and amortisation to US$17 million for the first quarter ended Mar 31, from US$23.3 million the year before. Net sales fell some 0.5 per cent to US$149.8 million from US$150.7 million. In a business update on Tuesday, Delfi attributed the performance to 'weaker regional currencies', particularly the rupiah, as well as to lower sales in its agency brands business after certain agency partners in Indonesia cut back on promotional spending for their products during the period. Shares of Delfi closed flat at S$0.71 before the announcement. SLB Development : The company's shareholders approved the scheme resolution proposed by Lian Beng Group's board of directors – which comprises the controlling Ong family – to acquire and privatise the property player. It is expected to delist on or around Jul 2, said its board of directors in a bourse filing on Tuesday evening. At the scheme meeting on Tuesday morning, 99 independent shareholders who make up some 96.1 per cent of the total present and voting, gave their nod of approval. This represented about 99.9 per cent of the scheme shares, higher than the approval benchmark of 75 per cent. Four shareholders, or 3.9 per cent, were against the scheme. The expected last day of trading for the counter will fall on or around Jun 12, followed by books closure at 5 pm on Jun 17. The counter closed flat at S$0.23 on Monday, before the company called for a trading halt. It resumes trading on Wednesday. Dasin Retail Trust (DRT) : The trustee-manager of DRT rebutted criticism from its former alternate director, who claimed in a resignation letter that his input was snubbed and key financial reports were not published despite his reminders, among other complaints. In a bourse filing on Tuesday, the trustee-manager set out to address the assertions Zhang Zhongming raised in an Apr 15 e-mail that saw him resigning from his position as alternate director for Zhang Zhencheng – noting that it 'disagrees with his allegations'. Zhang Zhongming is the nephew of Zhang Zhencheng, who is a non-executive director and shareholder of the trustee-manager. Zhang Zhongming noted in his exit letter that he was resigning effective immediately, believing that staying in his position 'serves no useful purpose'. In response to the resignee's claim that his 'requests, suggestions and feedback have been consistently ignored since early 2023 by the majority directors', the trustee-manager maintained there were 'valid reasons and grounds'. It raised examples of the resignee's 'repeated insistence that the invalid extraordinary general meeting of DRT… was valid, contrary to the legal advice received'. Units of DRT closed S$0.002 or 10 per cent lower at S$0.018 before the announcement.
