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.”
—–
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.
—–
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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- The president, the cabinet, Ho Ching, Temasek’s Board of Directors – all got it wrong?
- Breaking News: Changes to cabinet appointments
- Ho Ching’s Temasek appointment is not decided by the Prime Minister, says High Commissioner
- Ho Ching named 5th most powerful – and first lady
wee, my fellow citizens be known that the economy is already brightening up and only my daughter-in-law can sustain this in Temasek, based on merit, that is. Don’t forget that only people of certain intelligence can fill up those position. Apologies Mr Goodyear, thank you for your service. Sadly we do not need you anymore.
Sincerely,
LHL spoof
LKY double spoof
oh no! Ho jinx is back. what a show put up by temasek! no more good years ahead. expect more money to be lost.
Goodyear was too stunned to see the mess in there!
maybe Mr Goodyear has laid the tracks for Ho Ching? then she can claim any credit for job well done!!
:)
What took you so long Mr. Goodyear to come to your senses ?
Did you find the accounting system too complex and the strategy mindboggling ?
Did you feel there were too many strings attached to your body and for no apparent reason, many parts of your body moved uncommanded ?
Anyway Mr. Goodyear, give yourself a pat because you lasted that long. LOL
hahaha, go back to the square one again. Let’s see what the 2nd part of the show like.
Or Mr Goodyear has seen what TH is like ? or maybe the previous hoo huh over TH lost has started to die down, so she doesn’t need to step down?
Since the “great” Ho Ching is back, what will happen next?
“good” for TH as they managed to keep a person like Ho Ching, who win the labour day award….it is their *ahem* blessing…
note, i chocked on that last sentence
but of course.nepotism is a highly valued trait in our country.
next!
Without Goodyear, does this mean we’ll have another bad year?
Even an upright ang moh with brilliant track record cannot fit in, some thing is not very right in there.
For the rest of his life, he has to be careful with his words otherwise …
Something fishy here and as usual Singapreans wont know much due to the lack of transparency.
The govt continues to handle this affair as if it is their own money. Temasek belongs to Singapore and we all need to know the truth here!
I fear that our country is going down the slippery slope here.
Let us vote wisely as usual.
Wow these gang members of the Lee dynasty are quite resilient man;;Everyone thought she has bitten the dust and, hey presto, here she is up again in double-quick time;;Looks like this time we are really in for it;;our reserves are going to vanish in double-quick time too, that’s for sure.
Evil never dies, it waits to be reborn : )
aiyoyo
pls la dont let the elites INVEST outside red dot liao la, tolong la…
just read 新明日报 “组屋越来越贵 国人还是负担得起”
translate “hdb more & more expensive people still can afford”
why like that huh? cant tahun leh…
aiyoyo
Why did he leave? What differences arose between him and the company? There should be greater transparency in this matter. The problem is that we too readily accept statements such as this without the need for a clear justification regarding the grounds of the divergence of opinion as well as the necessity to appoint the previous CEO back into the driving seat. At the end of the day, we ought to know because we all have a stake.
Wow I thought all of you hate FT and support local talent?
Hypocrites lah!
I hate famiLEE biz!
We must put a stop to all this nonsense!
Lets kick PAP out of parliament. This is the last straw that broke the camel’s back!!!!!!!
Hey Singaporekia,
I hate FTs and PRs to the core of my being, but nepotism…..nepotism sucks MORE! How many billions more do we need to lose? I do not want Singapore bankrupt like Iceland!
We support local talent, but that category excludes Ho Jinx.
Sighs….after Ho Jinx, her daughter or son will be the next CEO, hmmm sounds familiar…..
“Wow I thought all of you hate FT and support local talent?
Hypocrites lah!”
we still do lah but you have forgotten one thing – the way we define it lah. by the way lah, do you associate with losing billions as talented. you should call yourself ahgongkia.
And please do not tarnish the good name of singapore by prefixing your “kia” with it.
Goodyear is wise not going to tarnish his own reputation with hugh Losses in Temasek by blindly taking over (Old man is hoping someone else to face the music of financial losses when he is not around rather from his immediate family members + election is coming).
With such experience person like Goodyear not to proceed with the CEO appointment, it shows the ultimate sign to the world how messy + nepotism in Temasek Holdings.
The next person who take over this position most likely from PAP circles (maybe before election). No more outsiders (once bitten, twice shy).
Hopefully after he steps down, he can write a book, interview by BBC or CNN to give the Insight of “Temasek Holdings”.
Gd move, Goodyear. It’s a smart choice you make in your life-time. Your mum must proud of you, mike.
15) Singaporekia
///// Wow I thought all of you hate FT and support local talent?//////
You caught the interesting twist
Goodyear tire punctured lah
>>Goodyear was too stunned to see the mess in there!
Perhaps he saw what there to see in 56 weeks instead of 56 man-years
WAYANG WAYANG & WAYANG !!! Despicable ! Got the Cheap guy to be the punching bag incase more ppl revolt against the massive loss. Now that most ppl has accepted the BILLION loss and are quiet about it, it’s time to reinstate the gambling queen ! Shame !
i remember long ago when miss ho was infighting with Mr Yeo. Mr Yeo left after 9 days of internal war. and mr yeo was given another position somewhere else. i think this is similar, miss ho is very ambitious person. she then brought her classmates and identified friends to be in positons, creating more internal wars. one of them even made it to Temasek, given a prestigious scholarship with GCB. hat lady wasnt even looked up in her previous job, talked a lot but delivered nothing. they gave her a medal after she decided to leave and now she is back again???!!! so how many more billions would be lost before lao lee intervene again?
the whole singapore is getting into messy affair with such appointments. this is really saddening for singapore. but what do to, we have a dynasty in place, emperor father, emperor, empress and crown prince all in civil service. Installed all friends and classmates around them.
He is a smart guy.
Chip would rather be a man than a puppet.
Patriot Missile
Chinalco wanted to buy a major stake in Rio Tinto for US$19.5 billionand Rio Tinto was too happy to accept Chinalco’s offer when the former’s share was down.
BUT when commodities prices went up resulting in better environment for Rio Tinto to issue bond and a merger with BHP, Rio Tinto ditched Chinalco.
I think the scenario is the same. When TH was down, HC was too happy to have Goodyear shoulder the losses. But shares has rebounded and HC is too happy to ditch Goodyear and claim credit for TH turn-around.
Doomsday in the charts. Tommorrow Eclipse of Sun happening, all take cover. Many negative happenings man! Collapse of financial market. Goodyear is taking a break from the Badyear, man!
Indian Astrologer – reliable and accurate.
Did I mention before that someone is just a scapegoat ?
GoneYou: In order for Singapore to have more Good Years, I need to examine the TH account. It is my duty as CEO to do my job.
Cuckoo: Your job is just a puppet like all the presidents of singapore. You are just ceremonial figure not authoritative figure to run the company. You are paid to Shut Up and Sit Down, and to make-believe that TH is independent. Check account ? Do you know the history of Singapore ? Do you know what happen President Ong who is such busybody ? So shut up or pack up.
GoneYou: I doubt I going to have Good Years in Singapore. I better go back to where I belong and where my Good Years are. More Jinx Years for you. Gone Me to Gone You.
Look like GoodYear has conscience after all and not buy over by money. Now, do we have more JinxYear coming since GoodYear is gone ? GoodYear will have no regret now knowing that he never betray the trust of Singaporean.
I think most Singaporeans will find it absolutely disgusting that Ho Ching can still continue on the job despite losing billions of our hard earned money.Anyone making such losses in a private firm would’ve been sacked on the spot.
When I made the Hitler Temasek video 5 months ago, it was taken down after just 3 days and 36,000 views. I refuse to accept that Ho Ching is a “greater mortal” who can get away with anything.
One day, she will pay for bleeding us dry. Lee Kuan Yew will not be around forever to protect her from accounting to us citizens. It’s our CPF, not the PAP’s entertainment allowance to fritter away as they wish!
32) Googivani – can you repost the video on U tube? or some international website. yeah cpf, so what? ha ha ha nothing you can do.
Tomorrow Eclipse of Sun…bad omen for our CPF monies????….sigh
“Tomorrow Eclipse of Sun…bad omen for our CPF monies????….sigh”
Will Singapore be the next Atlantis ? Better go and buy some lifejackets now…
I suspect PAP will lost power and thus this is the only stake to blackmail us if Hu Li Jinx continue to tighten our money and threaten to splurge it further if alternative parties took to the stage. Cash in hand can create many evil doings, I suspect power struggle is inevitable in the end.
the BIGGEST FARCE of the year!
Wow, I’m speechless: “May god bless Singapore and our CPF money”, going to buy 12 can of beer and finish it, if not how to go to sleep. hope i don’t have a nightmare tonight.
Aiyoyo, there is a total eclipse tomorrow, hope our future is not as dark as tomorrow.
The only certainty about this debacle probably is that Mr Goodyear will be getting a few more good years.
For the jinxed Singaporeans, the billion $ question remains: How much is the Golden Handshake going to cost tax payers?
Hitler furious about Failed Investments…..!!!
http://www.liveleak.com/view?i=344_1235192149
Oh let’s see here….Mr. Goodyear left. And HC is reinstated….but if they think the economy’s going up, they’re really going to be just in time for some trouble in a few years. Looking ahead, blinded by their own smoke. Enjoy the show.
I guess Temasek people probably told Goodyear that it will take them 666 man years to calculate all the various assets and liabilities of Temasek.
Will there be someone after GoodYear for replacement with name like BetterYear, BestYear, GoldenYear, AwesomeYear ?
Will there ever be hope for Singapore or must I migrate for Australia ?
The latest fiasco is even more embarassing than losses on ML/Shin/ABC. kudos!
pratma man, please get ready to use the 2nd key for our reserves soon. the jinx is back.
How I wish I have the power, If I have the power, I’ll appoint my grand-mother to be CEO or director of big Government Organization, how nice.
Funny thing how a person who lost $58b of the company investment funds can just walk away scot-free and being awarded with May day award and then now return back to re-instat his/her position as though all the singaporeans are blind. Hello!!!!! how come the people can allow this kind of internal arrangement to take place in Singapore when you know all your cpf $ will be gone in no time.
Wonder how much is the golden handshake / non-disclosure agreement,
“Funny thing how a person who lost $58b of the company investment funds can just walk away scot-free and being awarded with May day award and then now return back to re-instat his/her position as though all the singaporeans are blind.”
Exactly, who else but her has such audacity and privilege to lost unprecedented billions and yet come back without accountable to her previous mess ? No one but her and that is why she back for CEO, and if her husband down, I will not be surprised she will be the next PM. Notice how this day they talk about female holding high post ?
it could very well be that ho ching accidentally sat on the chair that goodychip was sitting on without realising he was there and …bingo! emperor saw that and decided:”cheebye! kao liao! i cannot tahan anymore! 7 months she still likes that seat so much and more!”
Well, somehow *ahem* someone reminds me of xiao qiang….can survive where others perish no matter what
I also recall vaguely that there is a limit to the level of transparency for companies like these due to some serious reasons.
and when they announced earlier that a foreigner from australia will become TH’s CEO, I could not comprehend as I was puzzled how could they allow a foreigner to be CEO when many people other than their top management knows exactly what is going on inside ?
And now this.
I cannot say I am totally shocked.
Oh, times are getting better now right? according to da noose.