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Singapore Post revealed on Sunday that it had terminated its CEO and two senior executives following an internal inquiry into their mishandling of whistleblower allegations involving employee misconduct. The announcement triggered a significant drop in the company’s stock, with shares tumbling 9.8%—their steepest decline since March 2020—as trading opened on the Singapore Exchange.
The whistleblower’s report accused employees in the firm’s international e-commerce logistics division of altering parcel delivery records to reflect “delivery failure” statuses for shipments that had not been delivered. While details about the implicated employees were not disclosed, the company stated that the actions of these individuals were a serious breach of protocol.
The investigation concluded that CEO Vincent Phang, International Business Unit Chief Li Yu, and CFO Vincent Yik had acted negligently in managing the allegations and had misrepresented the matter to the audit committee. As a result, all three were relieved of their duties. Chair Simon Israel has temporarily assumed oversight of the senior management team while the search for a new CEO is underway.
Singapore Post also committed to compensating the affected customer, although it withheld further details about the settlement. Meanwhile, Phang and Yik have expressed their intent to contest the dismissals, citing both procedural and substantive grievances.
The developments come amid broader changes within the company as it undergoes a strategic overhaul. Singapore Post recently announced plans to divest its Australian assets to Pacific Equity Partners for $638.21 million, a move aimed at refining its focus on core operations.
This episode marks a significant turning point for the firm, which now faces the challenge of restoring confidence among investors and stakeholders.
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