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Wolfgang Baier was the CEO of SingPost for 5 years. Source: Tech in Asia

Wolfgang Baier was the CEO of SingPost for 5 years. Source: Tech in Asia

Wolfgang Baier, SingPost’s former CEO, will assume the role of group CEO at beauty products distributor Luxasia Group, reports Tech in Asia. The founder, Patrick Chong, stepped down as CEO to assume the role of chairman. His son and daughter remain in management roles in the privately held company.

This move comes after his high profile resignation from SingPost, where he spent five years as CEO transforming the logistics company to an ecommerce logistics firm.

Luxasia Group’s future

Luxasia Group is a family run beauty products distributor that manages a portfolio of more than 120 international fragrance, cosmetics, skincare and professional salon brands such as Clarins, Estee Lauder, Ferragamo, Hermes and Shiseido. It has 11 offices in the region, and more than 2,000 full-time employees in Singapore according to Straits Times.

Luxasia manages a portfolio of more than 120 international fragrance, cosmetics, skincare and professional salon brands such as Clarins, Estee Lauder, Ferragamo, Hermes and Shiseido. It has 11 offices in the region, and more than 2,000 full-time employees in Singapore.

The company has stated that it is embarking on an omnichannel strategy. Given the rise of ecommerce in the region, it is entirely possible that Luxasia wants to focus on that particular strategy, moving the 30 year old brand into a more digital focused platform.

Baier played a key role in transforming SingPost from a postal company to an ecommerce logistics firm, which sheds light on why Luxasia has chosen him to assume the role after a year long search.

In 2015, Luxasia invested in a few internet startups linked to ecommerce, including mobile beauty services, an online Korean beauty company and last mile logistics firms.

A version of this appeared in Tech in Asia on August 17. Read the full version here

SingPost Releases New Code of Conduct

Source: SingPost

Postal Service Operator, Sing Post announced that five of the company’s directors have resigned. This comes after the news of CEO Wolfgang Baier and Deputy Chairman Goh Yeow Tin’s abrupt departures. Chairman Lim Ho Kee and Non-Executive Director Tam Yam Pin are also not seeking re-election once their term ends at the end of July.

In May, Director Keith Tay also stepped down after a corporate governance audit report found that his interest in a 2014 acquisition was not disclosed. Although the company has remained tight lipped about reasons behind the directors’ resignations, the pattern is indicative enough.

SingPost’s announcement comes after the Accounting and Corporate Regulatory Authority (ACRA) said it was investigating SingPost for possible breaches of the Companies Act.

Four remaining directors will re-seek election at the next Annual General Meeting in July.

“The SingPost saga has shown that perception is as important, if not more important, than the reality, when corporate governance is called into question,” said Joyce Koh, Executive Director of Singapore Institute of Directors to Straits Times.

The slew of resignations have caused SingPost to introduce a new code of business conduct and ethics for its board of directors. The new code of conduct will require the identification and disclosure of conflicts of interest, maintaining confidentiality and reporting unethical behavior. Directors will also now be expected to serve for no more than six years on the board.

Following the internal reshuffle, it shows that directors should never get complacent in their positions, and companies can benefit from internal audit or regular self-assessment

A version of this appeared in Channel News Asia on June 16. Read the full article here.