Lim Ho Kee, Chairman of Singapore Post Limited (SingPost), will step down from the post on 10 May 2016 when the company's full year results are expected to be announced, and step down as a director at the Annual General Meeting (AGM) to be held in July 2016. The 71-year-old said the early notice would give the board time to transition his role to ensure a proper handing over of his responsibilities.
In his letter to the Board, he said: "The issue of board renewal has been on my mind for the last few years. Some of you would be aware that I have been planning to step down now for almost three years but had felt compelled to stay and guide management."
He added: "It has been a long and satisfying journey since our IPO in 2003, we can all be proud of what SingPost has achieved. Among postal companies, I believe we stand out as a successful model of transformation. SingPost is well on its way to be a globally competitive player in the area of end-to-end eCommerce.”
The Board thanked the long-serving chairman for leading this national institution and household name. In a statement, it said, "He has led us with not just his great intellect and business acumen, but also with his heart. It is difficult to think of SingPost without Lim Ho Kee. He has been at SingPost's helm since its IPO in 2003. Mr Lim is a visionary and has championed SingPost's transformation into the iconic institution it is today with its global footprint. He has deftly balanced shareholder value and stakeholder interest, even engaging directly with unions to ensure staff welfare."
The SingPost board has unanimously agreed to appoint board member Professor Low Teck Seng as Chairman from 10 May 2016, subject to regulatory approval, and also reaffirmed that SingPost will continue on its trajectory to become a leading global eCommerce logistics player.
