“When I joined, the Board had tasked me to resolve legacy issues, re-imagine the postal landscape in Singapore, re-position the Group for profitable, accelerated growth in e-commerce logistics and, finally, build a new leadership team and put in place a succession plan,” says Coutts.
“Having delivered on those objectives and worked with the executive team in setting SingPost's strategic course for the next 5 years, I believe the time is right for someone new to lead the execution of that strategy and the next stage of SingPost's transformation journey,” he adds.
According to SingPost, the board and Coutts had agreed that a transition would take place this year. The board has started considering both internal and external candidates to replace Coutts.
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Coutts, who was previously CEO of Toll Group Forwarding, was appointed to this job back in June 2017. Since then, SingPost shares have dropped by around 40% to close at 73 cents on May 31.
SingPost chairman, Simon Israel notes that Coutts joined the company at a “difficult time”. He had to deal with a significant decline in the domestic mail business, exiting the loss-making US e-commerce business, and navigating through the challenges of COVID-19.
“Paul has put in place a new management team and reset the Group’s strategy around high growth e-commerce logistics in Singapore and the region. We expect to see the benefit of this transformation in the years ahead and we wish Paul well,” says Israel.
