The former chief financial officer (CFO) of OUE Lippo Healthcare (OUELH) is set to take on the role of group CFO of mail carrier Singapore Post (SingPost).
Forty-nine-year-old Vincent Yik will assume the position on Feb 11 2022, as the current CFO Richard Lai, 51, leaves the company “to pursue other career opportunities,” the group states in a Dec 10 regulatory filing.
It adds that there are no unresolved differences in opinion on material matters between the board and Lai.
Lai has been SingPost’s CFO since August 2018. His resignation comes months after the departure of former SingPost CEO Paul Coutts, who had been replaced by logistics industry expert Vincent Phang on Sep 1.
As CFO, Yik’s duties will include overseeing financial matters. He is also expected to lead the “continued transformation of [SingPost’s] business, especially with Australia as a key part of [its] strategy”.
Yik is considered an “experienced CFO operating in the Asia region” and brings with him extensive operating experience of the Australian market, SingPost notes.
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Yik - who served as CFO of OUELF from July 2019 to November 2021 - had left the Catalist-listed company due to job opportunities.
Prior to this, he was the founder and CEO of RS Four – an investor in technologies and companies – between January 2018 and July 2019. He was also the chief operating officer for Australia properties at the Far East Organization in Sydney between January 2014 and December 2017.
Yik also served as CFO at the Singapore branch of the Australia & New Zealand Banking Group between August 2008 and November 2011.
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Yik’s knowledge on the Australian market bodes well for SingPost as it looks to expand into that region. So far, the market accounted for 19.1% of the group’s overall revenue in its 1HFY2022 ended Sep 30, up from 17.2% in the year before.
The group’s extraordinary general meeting held on Dec 10 gave it a nod of approval from shareholders in taking a majority stake in Australian logistics service provider Freight Management Holdings.
With this, SingPost’s stake in the company will rise from 38% to 51%, for A$84.5 million ($82.5 million).
Shares in SingPost closed down half cent or 0.76% at 65 cents on Dec 10, prior to the announcements.
Cover image: file photo
