SINGAPORE Post (SingPost) has appointed Isaac Mah as its group chief financial officer (CFO), effective Wednesday (Jan 22).
This comes after the group in December last year announced that it intended for Mah, who was then the CFO of its Australia business Freight Management Holdings, to return to Singapore and assume the position.
Mah, 41, will take guidance from board chairman Simon Israel, said SingPost.
“Given his experience and extensive knowledge of the group and its businesses, this appointment provides a seamless transition into the role in accordance with succession plans,” said Israel. He also noted that Mah will be involved in “charting the future direction of the group and its development”.
Mah, who is a chartered accountant, has been with the national postal service provider since 2019, when he was appointed head of strategic investments and investor relations. He had helped spearhead SingPost’s investment in Australia.
He was then appointed as CFO of Freight Management Holdings when SingPost took a controlling stake in the company. In that position, he oversaw SingPost’s Australia investment and was involved in the proposed divestment of the Australia business. He also played a key role in the merger and acquisition deals the group has undertaken in recent years, said SingPost.
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Mah said: “Having been closely involved in the group’s strategic initiatives, including the proposed sale of our Australian assets, I am committed to supporting the group’s strategic transformation agenda.”
He started his career in the banking industry as a business analyst of strategic planning at Hong Leong Bank in Malaysia.
He then spent eight years in financial consultant GuocoLeisure’s business development team. Subsequently, he joined the company’s corporate finance and planning team.
Mah graduated from the University of East London with a bachelor of arts in accounting and finance. He is also a fellow of the Institute of Chartered Accountants in England and Wales.
Mah’s appointment comes a few weeks after SingPost tapped ex-Singapore chief executive Neo Su Yin as group chief operating officer.
In the newly created role, Neo will oversee the group’s Singapore and international business units and property. She will also work with the board in a review of the group’s international business unit.
Parcelgate
Both appointments came after SingPost sacked three senior executives after they were found to be negligent in the handling of internal investigations over a whistle-blower’s report that it received earlier in 2024.
The executives are the former group CEO Vincent Phang, group chief financial officer Vincent Yik, and CEO of the company’s international business unit Li Yu.
Phang on Jan 13 also resigned from his role as non-executive, non-independent director.
All three executives are contesting their terminations.
However, Phang and Yik had said in early January that they are prepared to abandon their litigation option if an independent professional inquiry is carried out.
The whistle-blower’s report was related to its non-regulated international e-commerce logistics parcel business.
Investigations by SingPost 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 even though no delivery attempt had been made.
Shares of SingPost ended on Tuesday 0.9 per cent or S$0.005 lower at S$0.555.
