Teo Swee Lian, a former long-time senior official with the central bank, has been appointed chairman-designate of Singapore Post, taking over from Simon Israel.
The change over will take place at SingPost's upcoming AGM.
Israel, who has held this role for 9 years and has overseen some major changes at the company, including most recently, the divestment of its Australia business.
The current SingPost board's tenure is also marked by the public firing of the top management team. The group CEO role is still vacant.
Teo is now chairman of CapitaLand Integrated Commercial Trust. She is also a director of HSBC Holdings and Clifford Capital Holdings.
She was previously a director with Singapore Telecommunicationsand AIA Group.
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From 2013 to 2015, Teo was special advisor, managing director's office, at the Monetary Authority of Singapore.
She previously held various senior other roles at MAS such as deputy managing director for financial supervision.
“Swee Lian's appointment concludes the board renewal process, and she will lead the board in the ongoing strategic reset of the group. SingPost is undergoing a significant transformation to adapt to the evolving postal, eCommerce, and logistics landscape," says Israel.
"Her experience will contribute to the board’s oversight and direction for the new strategy," he adds.
For the year ended March 31, SingPost reported earnings of $245.1 million, up 78.3% y-o-y, boosted by divestment gains. It plans to pay a special dividend of 9 cents.
If the exceptional items were excluded, underlying net profit for the year was $24.8 million, down 40.3% y-o-y.
Incoming SingPost chairman Teo Swee Lian is now chairman of CICT and a director of HSBC and AIA / Photo: SingPost
