SingPost Appoints Isaac Mah, Ex-CFO of Its Australian Business, As Group CFO
Singapore Post has named Isaac Mah as its group chief financial officer (CFO), with the appointment taking effect on Wednesday (Jan 22).
The group had announced in December last year its plan for Mah, who was the CFO of its Australian freight-management subsidiary Freight Management Holdings at that time, to relocate to Singapore and assume this role.
$SingPost(S08.SI)$ stated that 41-year-old Mah will receive guidance from board chairman Simon Israel.
"Considering his experience and in-depth knowledge of the group and its operations, this appointment ensures a smooth transition into the position as per the succession plans," Israel remarked.
He further pointed out that Mah will be engaged in "mapping out the future course of the group and its growth".
Mah, a chartered accountant, has been associated with the national postal service provider since 2019. Back then, he was appointed as the head of strategic investments and investor relations. He played a leading role in SingPost's investment initiatives in Australia.
Subsequently, when SingPost acquired a controlling stake in Freight Management Holdings, he was named its CFO.
In this capacity, he was in charge of SingPost's Australian investment and participated in the planned divestment of the Australian business. SingPost also stated that he was a crucial figure in the merger and acquisition transactions the group has carried out in recent years.
Mah commented, "Having been deeply engaged in the group's strategic undertakings, such as the proposed disposal of our Australian assets, I am dedicated to backing the group's strategic transformation plan."
His career kicked off in the banking sector, where he served as a business analyst for strategic planning at Hong Leong Bank in Malaysia.
After that, he spent eight years in the business development team of financial consultant GuocoLeisure. Subsequently, he became part of the company's corporate finance and planning team.
Mah holds a Bachelor of Arts in Accounting and Finance from the University of East London. He is also a fellow of the Institute of Chartered Accountants in England and Wales.
Mah's appointment follows, by a few weeks, SingPost's recruitment of ex - Singapore chief executive Neo Su Yin as group chief operating officer.
In this newly established role, Neo will be in charge of the group's Singapore and international business units as well as its property. She will also collaborate with the board in reviewing the group's international business unit.
Parcelgate
These two appointments came after SingPost dismissed three senior executives. The executives were found negligent in handling internal investigations regarding a whistle - blower's report received earlier in 2024.
The dismissed executives are the former group CEO Vincent Phang, group chief financial officer Vincent Yik, and the CEO of the company's international business unit, Li Yu.
On January 13, Phang also stepped down from his position as a non - executive, non - independent director.
All three executives are disputing their terminations. However, in early January, Phang and Yik indicated that they were willing to drop their litigation option if an independent professional inquiry was conducted.
The whistle - blower's report pertained to the company's non - regulated international e - commerce logistics parcel business.
SingPost's investigations into the report revealed that three managers in the international business unit had "seriously violated the company's code of conduct" regarding deliveries for "one of its largest" customers.
They had either carried out or approved the manual updating of the "delivery failure" status code for parcels that SingPost had contracted to deliver. This was done without supporting documents and even when no delivery attempt had been made.
On Tuesday, SingPost's shares closed 0.9 per cent, or S$0.005, lower at S$0.555.
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