SingPost names logistics veteran Paul Coutts as CEO
Mr Paul William Coutts.
SINGAPORE — Singapore Post’s (SingPost) year-long search for a chief executive is over. The national postman yesterday named Mr Paul William Coutts as its group CEO, a full year after the previous CEO, Wolfgang Baier, shocked investors last December in announcing his resignation.
The appointment of Mr Coutts as CEO and non-independent director of the SingPost board, effective June 1, is expected to lend stability to the beleaguered postal and logistics services firm, which has suffered from a leadership crisis and questions over its corporate governance in the past year.
Uncertainty over SingPost’s leadership weighed on its shares, which have lost more than 10 per cent this year while the benchmark Straits Times Index posted a flat performance. Mr Coutts, 60, will join SingPost from Toll Global Forwarding, one of the five divisions in Australia-based Toll Group, where he has been CEO since February 2013.
Corporate governance expert Mak Yuen Teen, an associate professor at the National University of Singapore Business School, welcomed news of the appointment as SingPost aims to become a regional e-commerce and logistics powerhouse.
“I am glad they have finally found a replacement CEO that does have the appropriate experience. However, as he is only starting in June next year, there will still be an interim person who will look after the company for the next six months. When the new CEO is on board, together with the current board, I hope they will look at the business and review some of the current acquisitions going forward.”
Mr Coutts’ appointment was unanimously approved by the board and has received all required regulatory approvals, said SingPost yesterday. The new CEO has more than 20 years of experience in C-suite positions at major global logistics and postal companies, including DHL.
“The SingPost board is delighted to announce Paul’s appointment as group CEO. 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 e-commerce logistics platforms and build out a globally competitive business,” said SingPost chairman Simon Israel.
Mr Coutts said: “It is exciting to have the opportunity to lead SingPost through a transformation into an e-commerce logistics company. The natural fit of postal services with e-commerce logistics, together with Singapore’s strategic position as a hub, provides a platform to build a world-class business.”
The appointment of the new CEO followed what SingPost called a thorough process where a search committee was set up to lead the recruitment. SingPost had been hit by a leadership crisis following a series of departures at the top over the past year, including its CEO and chief operating officer, while the initial replacement for then-outgoing chairman Lim Ho Kee decided not take up the role. In May, Mr Israel was appointed as chairman of SingPost, a move that restored a measure of confidence in the firm. Mr Baier, who stepped down in June, is now group CEO of fragrance and cosmetics distributor Luxasia.
Before the aftermarket announcement yesterday, SingPost shares gained 0.3 per cent to close at S$1.47 each, giving it a market capitalisation of about S$3.2 billion.
