SINGAPORE: SingPost has appointed Paul William Coutts to the position of Group Chief Executive Officer and non-independent director effective Jun 1, 2017, ending a year-long search for a new CEO.
The post has been vacant since Dr Wolfgang Baier resigned a year ago.
The appointment has received all required regulatory approvals, SingPost said.
Mr Coutts, 60, joins SingPost from Toll Global Forwarding, one of the five divisions in the Toll Group, where he was CEO since February 2013 in a global role based in Singapore. He has more than 20 years of experience in C-suite positions at major global logistics and postal companies, SingPost said.
Mr Simon Israel, chairman of SingPost said of Mr Coutts: "Given his seniority and the experience he brings from an extensive logistics and postal career including global leadership roles, Paul is well positioned to provide overall leadership to the transformation of the Group, integrate SingPost's eCommerce logistics platforms and build out a globally competitive business.”
Mr Israel has acknowledged that SingPost's reputation and share price have suffered from a very public crisis surrounding its board governance. In the past year, chairman Lim Ho Kee and director Keith Tay exited the company, as well as deputy chairman Goh Yeow Tin. Professor Low Teck Seng, who was to take over from Mr Lim, also turned down the appointment as chairman-designate.
The Accounting and Corporate Regulatory Authority also launched a probe into SingPost over possible breaches of the Companies Act. The company has since adopted recommendations for management succession, conflicts of interest and disclosures, and processes for mergers and acquisitions (M&A) and market disclosures after a corporate governance review.