SingPost – BT

SingPost looking for new chief executive

SINGAPORE Post (SingPost) is on the lookout for a new chief executive officer. This follows the resignation yesterday of CEO Lau Boon Tuan, who has headed the company since February 2005.

Mr Lau’s resignation took effect yesterday. ‘He wishes to pursue other opportunities,’ SingPost said in a press release yesterday. The company said Mr Lau had been responsible for improving efficiencies and strengthening its teamwork.

‘The board of directors puts on record its appreciation of Mr Lau’s valuable contributions and commitment during a crucial phase of SingPost’s transformation from a dominant provider of postal services to one which now also offers a wider range of products and services, including agency and financial services,’ SingPost added.

In April, the basic domestic and international mail services were opened up to competition, ending SingPost’s 15-year monopoly.

For the financial year ended March 31, 2007, SingPost’s net profit rose 13.3 per cent to $139.8 million on a 5.6 per cent increase in turnover to $436 million. The company registered growth in all its core businesses: mail, logistics and retail.

And for the first quarter of its current financial year, SingPost reported year-on-year growth of 24 per cent in net earnings to $38.4 million on a 10 per cent rise in revenue to $115.5 million.

Mr Lau said at the first-quarter results briefing that the group was continuing to pursue various initiatives to maintain its growth momentum. These included enlarging its presence in the region, such as in the area of hybrid mail services.

In May, it signed a cooperation agreement with Hongkong Post for the hybrid mail business in Hong Kong followed by the signing of a joint venture agreement with Thai British Security Printing Public Co Ltd to provide hybrid mail services in Thailand.

SingPost is now looking ‘for a suitable candidate to continue carrying through strategic priorities of this premier postal institution and take it to the next level’.

In the meantime, its chief operating officer (Logistics & eBusiness), Dennis Quek, will serve as acting CEO. Mr Quek has over 17 years of experience in both local and regional companies.

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