SINGAPORE - Singapore Post (SingPost) said on Thursday morning (April 7) that its chairman-designate, Professor Low Teck Seng, had reconsidered his decision to accept the appointment.

Prof Low, who is the CEO of the National Research Foundation, said he declined the appointment as it would "demand more time and focus" than he would be able to give.

He was named last Friday (Apr 1) as SingPost's new chairman to take over from Mr Lim Ho Kee, 71, who will step down after 13 years.

Said Prof Low: "Since the announcement, I have had time to reflect on my dual responsibilities as the new chairman of SingPost alongside my principal commitment as CEO of the National Research Foundation. As SingPost is at a critical and pivotal phase of its transformation and growth, the chairman's position would demand more time and focus than I would be able to give."

SingPost said it would resume its search for a suitable successor to Mr Lim, and expects to make the announcement before he departs on May 10, 2016, when the company's full year results are scheduled to be released. It added that it would be looking at candidates both internally and externally.

The company is also on the hunt or a new CEO after Dr Wolfgang Baier resigned in December last year. On Thursday, it said the search is "progressing well" and a number of potential candidates have been identified.

"The board of SingPost assures all stakeholders that the company is on track and well set on its new trajectory," it said.