WHO IS INVOLVED?  ,
SingPost fired its party executives Vincent Phang, Vincent Yik, and Vincent Yik, the group’s chief financial officer, and Li Yu, the group’s executive in charge of the company’s global business system.  ,
Mr Phang initially joined SingPost in 2019 as the CEO for post service and Singapore, which comprises article, piece and shipping. In September 2021, he was sworn in as the SingPost party CEO.  ,
According to his account on SingPost’s website, the team expanded into Australia under his command and developed its cross-border e-commerce transportation business worldwide.  ,
He previously served as the organization’s deputy president, working for the Workplace Safety and Health Council, and held top management positions at ST Logistics and Toll.  ,
In accordance with his legal responsibilities, Mr. Phang was also asked to retire as a producer of SingPost and all of its related companies as a result of the disciplinary trials.
Before joining SingPost in December 2021, Mr Yik was CFO at OUE Lippo Healthcare.  ,
He recently held a number of important administrative positions, including those at Far East Orchard and Australia Properties of Far East Organization, Sydney, as well as the Singapore unit of Australia &, New Zealand Banking Group. His page on the SingPost website reveals that he also held these positions.
In September 2022, Mr. Li was appointed as the CEO of SingPost’s global business system. He has worked in North America and Shanghai and formerly oversaw international logistics and supply for Asia-Pacific at the United Parcel Service.  ,
HOW DID THEY RESPOND?  ,
Mr Phang and Mr Yik have indicated that they will “vigorously battle” their termination, both on virtues and on the grounds of legal discrimination, said SingPost.  ,
The two stated in a press statement on Monday night that the SingPost board’s decision to terminate them was disappointing and that they disagree with it.  ,
” It is our place that the dismissal is without qualities, and was also randomly unjust”, the statement read.  ,
According to them, the internal audit of the independent group investigates all reporting cases in accordance with company coverage.  ,
They “dutifully presented the case to GIA to check, providing it with the required room and latitude to do its analysis”, said Mr Phang and Mr Yik in their joint declaration.  ,
The table alleged that the case’s “material information” had not been taken into account. The causal relationship and effect were not immediately established, they claimed, because the facts changed over time.
” We had responded to inquiries based on the information that was being sought at the time while keeping the separate research that was being conducted.” We acted quickly after the relationship and effect had been established” . ,
The two men said they” absolutely accept” any suggestion that they had acted improperly, had been acting badly, or had attempted to portray facts.  ,
” We have consistently acted in the best interests of the company and adhered to the highest specifications of leadership and management during our time at SingPost,” the firm said.” We does pursue legal action against any claims the contrary.”
WHAT’S NEXT FOR SINGPOST?  ,
SingPost stated that it would make an announcement regarding the nomination of a new class CEO in due course.  ,
The latest CFO of its Asian company, Mr Isaac Mah, will be the new team CFO.  ,
Board president Simon Israel may “provide more guidance to and training greater supervision of the top management leadership team in the company” in the interim.
Post services will not be affected, SingPost added.  ,
In the midst of a table review, an acting Director will be chosen to lead the international business unit. A fresh chief professional is not being considered at this time, according to SingPost.  ,
A settlement amount in lieu of penalties has also been agreed upon with the buyer who was the subject of the reporting statement and investigation findings.
Following the settlement, the company said that its relationship with the client “has never suffered a significant loss.”  ,