SINGAPORE – SingPost will have a new chief executive officer to head its Singapore operations from May 1, following a restructuring of the business that will see the group attempt to transform itself into a logistics company within three years.
Mr Shahrin Abdol Salam will take over the role of Singapore CEO from Ms Neo Su Yin, who is leaving to pursue career opportunities elsewhere, the group said in a statement on April 1.
Mr Shahrin was the managing director of SMRT’s Thomson-East Coast Line, as well as senior vice-president (strategic relations) at SMRT Corporation.
SingPost Group CEO Vincent Phang said: “Shahrin has a strong track record in leading operations, engineering and service quality, and I look forward to his leadership in our continued transformation.”
Said Mr Shahrin: “It is exciting and a privilege to lead such an iconic business, especially at this transformative time.”
He has more than 25 years of experience in managing operations, strategic planning, asset management, business development, engineering and customer service.
He has held various senior leadership positions, and was expert and adviser (rail agency) in the Dubai government’s Roads and Transport Authority.
Mr Shahrin, who turns 51 in 2024, was reported in early March to be “joining an organisation in Saudi Arabia”.
He said his U-turn back to Singapore was a difficult and personal decision.
“Family exigencies often call for tough decisions, and so I have to forgo the overseas opportunity to prioritise my parents’ needs,” he told The Straits Times on April 1.
“I am grateful for the timely opportunity SingPost provides for me to take this exciting leadership role in shaping SingPost’s next phase of growth.”
SingPost told ST that Ms Neo had tendered her resignation and given notice in January.
Separately, she also confirmed that she will be advancing her career in the aviation industry.
SingPost expressed its gratitude to Ms Neo for her contributions during her tenure as CEO of the Singapore business. The group credited her for her leadership through the Covid-19 pandemic, raising the performance of the domestic service, as well as growing the e-commerce business.
On March 20, SingPost announced it was embarking on a three-year plan to become a logistics company.
This followed an eight-month review that concluded that SingPost’s share price had failed to “appropriately reflect the intrinsic value of the company”.
The restructuring aims to make the group more efficient in capital management, while streamlining the business for growth.
Among the initiatives being considered is the divestment of non-core assets, with the sales proceeds being used to repay debt, ploughed into faster growing businesses or returned to shareholders.
Non-core assets that may be put up for sale include SingPost Centre in Paya Lebar, which was valued at $1.1 billion as at September 2023, along with a partial stake in its Australian unit, which accounts for around 60 per cent of the group’s revenue and profits.
In addition, its business units will be streamlined according to geographic zones – Singapore, Australia and the international operations that encompass some 200 markets through a global postal network – to give them more independence, increase their flexibility to pursue growth opportunities and, ultimately, achieve better valuations.
SingPost shares closed flat at 42 cents on April 1, after the announcement.
