Update:
Read the press release on 10 March 2009 from Minister Mentor’s press secretary about the change of CEO in Temasek below.
The following is Temasek Holdings’ news release announcing that Charles Goodyear, who was appointed in February 2009 to takeover as CEO from Ho Ching, will no longer take up the appointment.
Temasek Holdings and Charles W. Goodyear mutually agree not to proceed with CEO appointment
21 July 2009, Singapore
The Board of Directors of Temasek Holdings (Private) Limited (“Temasek”) today announced an agreement with Mr Charles (“Chip”) W. Goodyear not to proceed with his CEO appointment.
Mr Goodyear was appointed a Member of the Board on 1 February and CEO-Designate on 1 March. He was to succeed Ms Ho Ching as CEO on 1 October 2009.
Four months into the leadership transition, the Temasek Board and Mr Goodyear have concluded and accepted that there are differences regarding certain strategic issues that could not be resolved. In light of the differences, both parties decided that it is in their mutual interests to terminate the leadership transition process and hence the executive relationship with effect from 15 August 2009. Mr Goodyear will also step down from the Temasek Board effective the same date.
Mr Dhanabalan, Chairman of Temasek Holdings, said, “It is with much regret that both Chip and the Board have accepted that it is best not to proceed with the leadership transition. We wish Chip all the best in his future endeavours, and are happy that Ho Ching has agreed to continue as Executive Director and CEO.”
Added Mr Chip Goodyear, “I’m sorry that we are unable to continue with the leadership transition. Temasek has a fantastic platform and I wish the Board, Ho Ching and the team all the best.”
Ms Ho Ching elaborated, “In the short time with us, Chip has started a number of initiatives which I believe will help strengthen the Temasek platform. I am sorry he is unable to continue with the leadership transition, and hope to complete the initiatives that he has started.”
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The following is a statement by the Press Secretary to Minister Mentor Lee Kuan Yew on 10 March 2009. In it the press secretary, Mdm Yeong Yoon Ying, clarified remarks made by MM Lee reported by the media. (Source)
At the Thomson Reuters Newsmaker Event held on 4 Mar 09, I said that Mr Charles Goodyear was picked to be the next CEO as “there was nobody inside Temasek equal to the job”.
Temasek has since corrected me. This was not the case. They stated that Temasek updates its CEO succession options yearly. Their list includes Singaporeans as well as non-Singaporeans, both inside and outside of Temasek, categorised for various timeframes from immediate to a three to five year horizon.
Temasek selects new CEOs who have the experience and energy to lead the firm for a good five to ten years.
External names considered by Temasek include experienced business leaders or promising candidates who are doing well in their careers. They would be in their 40s to early 50s.
Internally, Temasek has several potential CEO candidates, mostly between late-30s and mid-40s. Several have better investment nous than some of the external candidates. They are capable and can be considered for the CEO job at various time-frames.
Temasek Board picked Mr Goodyear as its next CEO based on merit. A key consideration was his affinity for Temasek’s values and its position as a long-term investor, committed to delivering sustainable returns. His leadership capabilities, experience and track record will be complemented by the strengths of the current team. The Board was also satisfied that Mr Goodyear has a strong interest in developing people for the long term.
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Ho Ching said the following of Charles Goodyear at a media conference held on 6 February 2009 to announce her stepping down:
“Chip brings capabilities that I don’t have.” (Straits Times)
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From the looks of things, SOMETHING very very serious happened. Strategic disagreement is just a generic excuse.
TH would not have things turn out this way if they could help it. I mean the shocking announcement of Ho Ching leaving and now her sudden return, all within a year and under such circumstances … major embaressment for a Govt which is suppose to be on top of all things happening.
With National Day just around the corner, I wonder how Singaporeans can face the world. I can already see some taking down the flags they had hanged up for the celebrations. Makes them feel like fools isn’t it?
” I can already see some taking down the flags they had hanged up for the celebrations.”
Maybe they are replacing it with their underwear or panty now when they finally realize that Singapore = PAP = Screw Me even though they try to think otherwise.
To SZ #147,
Hi Sir;
I am a laymayman kaypoh with just a little commonsense and using that commonsense to look at the subject matter, it could be very superficial.
However, I do feel that the re-appointment of Mdm Ho Ching must have been approved by our much revered MM Lee, greatly respected PM Lee and honourable SM Goh. These three wisemen should know the ability of Mdm Ho very well as they are related(by marriage) and political mates.
Presumably, no Singaporean will ever doubt the calibres of the Three in selecting the best and trustworthy this country has, to hold important offices. MM Lee especially, has been at the helm for over 50 years and most Singaporeans and the World acknowledges him as one true outstanding leader of all time(history) .
As I have said, it is just my superficial readings, do forgive me if my views are at odd with any readers.
As Long as singaporeans accept the level of transparency , is it fair to say the people is partly responsibility (for the good and anything else)?
Can the People, that means, you the singaporean, be not responsible TOTALLY in the absolute sense?
[[[[“Chip brings capabilities that I don’t have.” (Straits Times) ]]]]
I am sure this wont be a Liability right? i am sure wan. u sure or not people?
every empire, big or small, that rises must fall. all man must die.
it’s just a matter of time.
power corrupts.
Hmm , I sense the dark side of the force is in temasek! It looks like we are in for some terrible times!
My overseas friends say our government is a BIG JOKE! Lets see what the old man has to say now!! Its definetly a salp on his face. First he has to justify the losses she incured now he has to come out and say that GOODYEAR was just not GOODENOUGH!!
Perahps HO CHING will now be known GOOD CHING!!!! Good for now and not too worry the government fooled all of us! They brought in some so that the talk about all the losses will die a natural death and singaporeans you know are a forgiving lot. After all she is one of the most powerful woman in ASIA !! How will it look if she was replaced! It looks like a case of nepotism but with a difference. It’s a family affair.
I have just about run out of reasons and excuses to answer all my friends queries about this fiasco but just to tell my friends::” WELCOME TO SINGAPORE’”. tHE LAND OF THE FREE– free to loose billions and then been given a second change to loose more billions!! And hopefully the election comes soon so we can right the wrongs of this government and save our country for our future generations. We dont want to be remembered as the generation who screwed up our country. So PAP come lets go for early election and see how you are going to justify all that has transpired!!
Hope we can utter the famous words of Martin Luther King:: ” FREE AT LAST, FREE AT LAST. THANK GOD ALMIGHTY, WE ARE FREE AT LAST!!”
“free to loose billions and then been given a second change to lose more billions!! ”
The cycle will continue to milk for more cash to invest so on…
To: 145) Competency counts on July 22nd, 2009 4.56 pm
“Can it be said that she may even qualify to be the Finance Minister”
She can be the Finance Minister any time with a stroke of the pen from the father-in-law and gradually taking over the premier post when time is right.
145) Competency counts on July 22nd, 2009 4.56 pm
#So, as a common man, i take it that on balance Temasek still made money or profit. Does this not prove the competency and professionalism of Mdm Ho Ching ?#
same rationale as SPRING – they spent $ 2million renovating office for chairman & directors not wasteful because they also collect $2 million in office rent. HDB 3-roomers also spend all they earn – sometimes spend more than they earn – how come they don’t get paid million$s like the Govt CEOs? Where’s the meritocracy?
Hi Kopi Tiam Ahng,
‘how come they don’t get paid million$s like the Govt CEOs?
Sincerely speaking; I do not know the answer, maybe Govt CEOs are big shots and or super duper talents.
As for meritocracy, I think ‘who You know’ matters more than ‘what You know’(knowledge and professionalism of work).
why people pass comments as if they know everything? all pretending to be so righteous…. always easy to critise!
My fellow Singaporeans,
If you are too blind to see what’s happening, here’s a piece of advise: continue sleeping and slaving.
I agree with the comments made that the re-entry of Ho Ching was to divert the public’s attention on the lost of the billions of dollars so that no dire accountability can be offered. The time for the exit for Goodyear was very short. This creates another impact…far greater than the original loss of the billions of dollars. It’s not about performance management anymore It’s perception management fo the public. It’s time to live intelligently.