Change - Announcement of Cessation::Termination of Group Chief Executive Officer

Issuer & Securities

Issuer/ Manager
SINGAPORE POST LIMITED
Securities
SINGAPORE POST LIMITED - SG1N89910219 - S08
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-Dec-2024 20:02:58
Status
New
Announcement Sub Title
Termination of Group Chief Executive Officer
Announcement Reference
SG241222OTHRZHZM
Submitted By (Co./ Ind. Name)
Lee Pay Lee (Ms)
Designation
Deputy VP, Corporate Secretariat
Description (Please provide a detailed description of the event in the box below)
Termination of Mr Phang Heng Wee, Vincent as Group Chief Executive Officer with effect from 21 December 2024.

Additional Details

Name Of Person
Phang Heng Wee, Vincent
Age
51
Is effective date of cessation known?
Yes
If yes, please provide the date
21/12/2024
Detailed Reason (s) for cessation
Please see the Company's announcement dated 22 December 2024 on "1. Whistleblowing Reports, 2. Disciplinary Proceedings, and 3. Leadership Succession following Termination of GCEO, GCFO and CEO-IBU" for more information on the events leading up to the cessation.

Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
Yes
If Yes, Please provide full details
Please see the Company's announcement dated 22 December 2024 on "1. Whistleblowing Reports, 2. Disciplinary Proceedings, and 3. Leadership Succession following Termination of GCEO, GCFO and CEO-IBU" for more information on the events leading up to the cessation.

Mr Phang categorically refutes the allegations made against him in the disciplinary proceedings. Mr Phang has, through his solicitors, indicated that he will vigorously contest the termination of his employment, both on merits and on the grounds of procedural unfairness.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Please see the Company's announcement dated 22 December 2024 on "1. Whistleblowing Reports, 2. Disciplinary Proceedings, and 3. Leadership Succession following Termination of GCEO, GCFO and CEO-IBU" for more information on the events leading up to the cessation.

The cessation is as Group Chief Executive Officer. Mr Phang has been requested to resign as a Director of the Company and all its related companies in accordance with his contractual obligations.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Please see the Company's announcement dated 22 December 2024 on "1. Whistleblowing Reports, 2. Disciplinary Proceedings, and 3. Leadership Succession following Termination of GCEO, GCFO and CEO-IBU" for more information on the events leading up to the cessation.
Date of Appointment to current position
01/09/2021
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
6
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Chief Executive Officer and Executive, Non-Independent Director
Role and responsibilities
Mr Phang, as the Group Chief Executive Officer of the Company, oversaw the business of the SingPost Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
3,099,400 unvested share awards granted under the Singapore Post Restricted Share Plan 2013 (the "Plan") comprising (i) 1,334,242 performance share awards granted under the Plan, (ii) 1,087,202 restricted share awards granted under the Plan and (iii) 677,956 restricted share awards granted under the Plan subject to certain time-based vesting conditions being met, all of which will lapse following his termination.
Past (for the last 5 years)
Please refer to Appendix A
Present
Please refer to Appendix A

Attachments

Appendix A_VP.pdf
Total size =59K