SingPost’s fired CEO Vincent Phang resigns from board

The former group chief executive of Singapore Post : S08 -1.85% (SingPost), Vincent Phang, has resigned from his role as a non-executive, non-independent director with effect from Sunday (Jan 12), the mainboard-listed group announced on Monday.

This comes after Phang, former group chief financial officer Vincent Yik, and former chief executive of SingPost’s international business unit Li Yu were fired by SingPost on Dec 21.

The three were found to have been negligent in the handling of internal investigations over a whistle-blower’s report and in subsequent probes, said SingPost in December.

The company had also asked Phang to resign as a director of SingPost and all its related companies.

The whistle-blower’s report was related to SingPost’s non-regulated international e-commerce logistics parcels business.

SingPost’s investigations into the report found that three managers in the international business unit had “committed serious breaches of the company’s code of conduct” for deliveries for “one of its largest” customers.

They had performed or approved manual updates of the “delivery failure” status code for parcels SingPost had agreed to deliver – without supporting documents and without delivery attempts having been made.

In a joint statement after their employment was terminated, Phang and Yik said they “categorically reject any suggestion that we were grossly negligent, had behaved inappropriately or had sought to misrepresent facts at any point”.

The duo said they will “vigorously contest” the termination of their employment, both on merit and on the grounds of procedural unfairness.

SingPost shares slid 1.9 per cent or S$0.01 to S$0.53 on Monday, before the announcement.

Source: Business Times © SPH Media Limited. Permission required for reproduction.

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