Singapore Post Limited Group Chief Executive Officer Wolfgang Baier stepped down abruptly on Dec. 10, according to a statement from the company.
Shares in Singapore Post Limited (SingPost) have fallen 6.2 percent in the past two weeks following the abrupt resignation of the company’s Group Chief Executive Officer on Dec. 10.
Stock in the national mail carrier of Singapore and aspiring global third party logistics provider closed at Singapore $1.78 (U.S. $1.27) on Dec. 9, the day before the announcement, but has since fallen to S$1.67 as of close of trading today.
The company said in a statement GCEO Wolfgang Baier would step down from his post, effective Jan. 1, 2016, but may stay with the company to “support a handover” until as late as June 30. The SingPost board of directors said it will conduct both internal and external searches for a new chief executive and that Deputy Chairman Goh Yeow Tin will serve as interim executive director for no longer than 12 months.
Goh will oversee the group’s post-merger integration activities following the recent purchase of two U.S. based e-commerce logistics specialists, as well as the business and operations in Singapore. Mervyn Lim, deputy GCEO, Corporate Services, will cover the work of the GCEO, while SingPost Chairman, Lim Ho Kee will “step up his involvement to provide management with more time and guidance over and above the normal oversight of the role,” the company said.
The announcement comes during a time of transition for the company as SingPost looks to transform itself from a regional letter and parcel carrier to a global 3PL with a heavy focus on e-commerce.
SingPost in October agreed to purchase a 96.3 percent share in e-commerce logistics provider TradeGlobal Holdings, Inc. for $168.6 million and a 71.1 percent share in Tampa, Fla.-based e-commerce solutions provider Jagged Peak, Inc. for $15.8 million.
At the time, the company said the acquisitions would complement SingPost’s existing service network to create a “one-stop global solution” for customers.
SingPost stock drops following CEO’s resignation
