SingPost's new group CEO to start on June 1, 2017

Singapore

PAUL William Coutts will take on the role of Singapore Post's (SingPost) group chief executive officer from June 1 next year, following a thorough search process, the company said on Thursday.

Mr Coutts will also be appointed to the SingPost board as a non-independent director. Mr Coutts, 60, joins from Toll Global Forwarding, where he has been CEO since February 2013 in a global but Singapore-based role. The company is a division of transportation and logistics company, Toll Group.

He has over two decades of experience in C-suite positions at major global logistics and postal companies such as DHL Express. "A global executive search firm was appointed to identify suitable candidates against a profile of required leadership skills and commercial experience," the postal service provider said in a release. "The search firm also assisted the search committee in the evaluation of candidates and in taking references."

His appointment was unanimously approved by the board and has received all necessary regulatory approvals, SingPost highlighted.

SingPost chairman Simon Israel said: "Given his seniority and the experience he brings from an extensive logistics and postal career including global leadership roles, Paul is well positioned to provide overall leadership to the transformation of the Group, integrate SingPost's eCommerce logistics platforms and build out a globally competitive business."

SingPost's former CEO Wolfgang Baier stepped down in June this year, following his shock resignation in December 2015. Mr Baier was largely credited with transforming SingPost into an e-commerce player.

Separately, SingPost said that it has engaged local law firm Lee & Lee to conduct an independent review of certain policies prepared and adopted by the company in line with a recent corporate governance audit. The recommendations of the auditors were listed in an audit report, published by the company on May 3.

Lee & Lee has provided written confirmation that the policies - which have been implemented - would adequately address the recommendations and issues identified in the report's executive summary, said SingPost. The Singapore Exchange (SGX) had requested SingPost to garner independent confirmation so as to provide assurance to investors as well as SGX.

The counter closed at S$1.47 on Thursday, up half a cent.