SingPost’s fired CEO Vincent Phang resigns from board
Sign up now: Get ST's newsletters delivered to your inbox
SingPost had asked Vincent Phang, its former CEO, to resign as a director of SingPost and all its related companies.
PHOTO: BT FILE
Megan Cheah
Follow topic:
SINGAPORE - The former group chief executive of Singapore Post (SingPost), Vincent Phang, has resigned from his role as a non-executive, non-independent director with effect from Jan 12, the mainboard-listed group announced on Monday.
This comes after Mr 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 Mr 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, Mr Phang and Mr 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 $0.01 to $0.53 on Jan 13, before the announcement. THE BUSINESS TIMES
