Wolfgang Baier abruptly quits as SingPost CEO

IN a move that shocked the market, Singapore Post chief executive Wolfgang Baier said on Thursday evening that he was quitting the mainboard-listed company.

SingPost said in a press release that Dr Baier was leaving to "pursue new endeavours" and that he would "support a handover" until latest June 30, 2016. It did not name a successor, saying only that the board was looking for a group chief executive officer both internally and externally.

This comes about five years after Dr Baier, 41, was named group CEO on Oct 5, 2011. He had joined SingPost in February 2011.

The group said it would appoint the deputy chairman Goh Yeow Tin, 64, as executive director for 12 months to oversee its post-merger integration activities and its Singapore operations. Group chairman Lim Ho Kee will also step up his involvement, it added.

SingPost shares closed two cents lower at S$1.755 before the announcement.