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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#49) Daniel on July 21st, 2009 10.17 pm
Daniel, I smell RATS! expect more cover ups and more screw ups and more sufferings to the singaporeans to come. Ole man still think he owns the entire island.
Maybe they discovered that Goodyear was an ex-student of Brookes.
GOOD – your name will hung for causing all the losses of Temasek ie looked at the dates of your appointment .. you bought high and you were the one who sold low…. you caused it.. It happen during your watch…. blab blab. … that is a strategic difference….. head or tail.. you lose….
tiredsingaporean,
expect more ridiculous laws to protect the gahmen.
Maybe Goodyear was asked to do something against his own conscience so he chose to leave rather than living his life feeling guilty towards mankind.
“Maybe Goodyear was asked to do something against his own conscience so he chose to leave rather than living his life feeling guilty towards mankind.”
A good decision to leave, OtherWise he has to change his name to “BadYear” and disgrace his family line forever. At least I respect this guy.
Was Charles Goodyear employed as a temporary distraction to keep the public away from Temasek’s loosing streak and to reduce the public pressure on Mrs Lee Hsien Loong?
#28) knoworNOT?
‘ it was like open secrets…. remember years ago, an indian was given tight slap by our emperor? our emperor was lacking patience and had bad temper, but after he had illness and started meditation, he winded down a lot. ‘
…………………………………………..
It is more like open rumours. I also heaard it before. However, GCT had clarified the story on TV, twice, in case people heard it wrongly the first time.
Readers who post comments should get their facts right or else you are giving the PAP an excuse to shut down TOC which is already facing funding problems.
If TOC don’t die a natural death, the govt will …………………………….
“Readers who post comments should get their facts right or else you are giving the PAP an excuse to shut down TOC which is already facing funding problems.”
If the clowns want to shut down TOC, they will shut it down, regardless of fact or no fact. So let us not be naive and innocent. Just like paranoid Junta who will sentence Aung regardless of proven guilt or no guilt so let us not delude ourselves. Just be ourselves and stay happy.
Its God’s will that we are going to burn another big hole in our life saving managed by TM. A person not elevated and are forced to sit in this position is going to cause disaster.
May be they thought non-scholar-Singaporeans have short (3 months) memories!
Temasek has no successor out of the 3.5mil Singaporeans? Are there several types of worms in the closet that nobody should know and scares away Goodyear?. Don’t forget the late OTC had faced such challenge before and now there yet a pap yes-man as president.
Shame on the B.O.D. of Temasek Holdings!
Lousy management, yet again!
Joke of the Year!
Wow I was going to update Wikipedia but someone beat me to it. WOW! News travels fast!!!
http://en.wikipedia.org/wiki/Ho_Ching
So important post suka suka accept, few months later suka suka don’t want and then suka suka back to square one with Ho Ching again!
Uniquely Singapore as long as 50% walkovers, 66% mandate and 98% seats at every election. Anything goes.
When world economy was going to the dogs, Ho Ching suddenly resigns and we were told that this has been planned for a long time. When the international economy is showing signs of recovery, suddenly Ho Ching is back? A big joke on all Singaporeans!
I am very very disappointed.
“When the international economy is showing signs of recovery, suddenly Ho Ching is back? A big joke on all Singaporeans!”
Maybe this joke is planned long ago too up to 30 years period. You forget that she will soon have another huge gambling stake. Anyone care about annuity aka CPF Life in 2013 ? Sound more like CPF Death.
Obvious sign is ELECTION is forthcoming.
A case of the Runaway CEO?
http://i26.tinypic.com/1z1qptf.jpg
“Runaway CEO?”
http://i26.tinypic.com/1z1qptf.jpg
That is amazing poster for the Singapore movie. Who is the director ? Jack Neo ?
Let us lend support for this movie. Guarantee Grammy Award up to 30 years period.
Chairman Dhanabalan and B.O.D. of TH, please resign..
Lets get ready for the “RUMBLE” not the fight between Ali and Foreman but now that the economy is picking up the government wants to attirbute the recovery to Ho Ching.
Don’t tell me there are no capable persons in Singapore!! We pay our ministers huge salaries to avert corruption but its a wonder how come other countries dont have to this and still there are capable people running the countries!
Looks like singapore’s capable people must come from only one family and their relatives!!
Lets see what awaits singaporeans this week. What garbage the government is going to come out to say to justify this latest news! Well it looks like the goverment has showns it is a forgiving government who forgives those who have lost billions cos it was “just one of those things”. Lets move on. So now that they have re instated Ho Ching, okay lets move on again. Forget the past lets deal with the present and give credit to Ho Ching cos she is not only going to make back the money she lost but double or triple it!!
We have lost billions lets move we don’t loose TRILLIONS!
“Lets get ready for the “RUMBLE” not the fight between Ali and Foreman but now that the economy is picking up the government wants to attirbute the recovery to Ho Ching.”
In fact , the recovery is yet to recover because the worst is yet to come. It only start recovering only if majority start to believe the craps of rhetorics. The rhetorics and stimulus only work if majority are confident of the economy and willing to believe it to behave likewise.
Singaporeans;
your good year ends
and jinx is taking over.
Taiwan’s Chen Shui Bian’s wife merely pocket a few million. The taiwanese people wanna crucifix her already. They persecute her until she becomes a human skeleton.
Singaporeans are too kind. Ho lost BILLIONS, and she gets a chance to do it again. WOW. I think everyone is getting the impression Singaporeans are pushovers they can screw around with. I am sick!!!!!!!!!!!!!!!!!!
Wah…now Chip will be a highly wanted man.
He may know many things about Temasek’s strategic thrusts & the size of its warchest.
Queuing up to get insights into Temasek’s most sensitive secrets will be powerful men like George Soros (who attacked the Thai Baht and brought Thailand’s economy to its knees), hedge fund managers & CIA/White House folks (who are wondering just how much protection money they should charge a little red dot)
“He may know many things about Temasek’s strategic thrusts & the size of its warchest.”
How can a puppet knows anything is beyond mortal’s understanding. A puppet’s role is to know nothing and pretend he know something. Get it ?
“Chip brings capabilities that I don’t have.”
Now we know this capability is conscience.
I think all of you have forgotten how our Great Honourable and Wise Leader has transformed our little island of uneducated coolies into a World Class Developed Country. We must be grateful to our Great Leeder. And it is only their right to do whatever they wish. We should be grateful to be servile minions. Our lives are in their hands. Our money, theirs. Long live our Great Leeder!
I saw this from another TOC comment a few months ago:
“If you add up the bloody long list (eg Micropolis, Optus, Dao Heng, Chartered Semi-Con, Shin Corp, ABC Learning….ad infinitum, ad nauseum), a quick estimate could well turn out to be S$100,000 LOSS per Singapore Citizen ???
[ For a typical family of five ( 2 parents, 3 children), that's HALF-A-MILLION BUCKS OF COLD HARD CASH !!! ] ”
Wah lau eh! It is going to be 7th month soon. I think Ho will win any of us in paper money burning competitions. YING LIAO LOH >_<
Super-duper-screwed-up managment team.
To people who accuse others of not liking FT…..don’t be silly….Real Talent is always welcome….
And Daniel…you got it spot on…..its a mess in there….
I was quite surprised that such a brilliant chap like Goodyear was taking over TSK…..
and from Feb to now ….what major initiatives could one do….anyway…any idiot in the corporate world will know that at such a high level you will certainly need time to go thru the system itself…..especially one like TSK with so many diverse investments…………….. for the time Goodyear was in TSK, no way he could have done that…. let alone a smart man like him to implement initiavtes for someone else like Ho Ching to get credit……
For those goondu’s who keep blowing the govt’s trumpet…..you have seen nothing yet….mmmm….finally. I now wonder when the default will take place.
To: Mr Goodyear,
I remeber recommending to buy BHP shares almost a decade ago for an assignment. You and your team did not dissappoint.
Good Luck,….in your future endevours….wish you well.
To Ho Ching,
If you are going to cause another massive ejaculation of billions, make sure this time it goes into our economy. About time lesser mortals get to enjoy the orgasm.
Very tired to read all the remarks. Let action at the election speaks louder than words!
The website http://www.johnharding.com was the first to reveal the ‘fake’ origins of Chip Goodyear 4.
There was no way I could see that this guy was legitimate.
Singapore has tons of talent – why not use their own people, people who can be trusted?
Now I see that a Westerner has been appointed as head of SGX over a Singaporean.
This must be disappointing to many of Singapore’s top grads. Singapore has perhaps the best educational system in the world. Why bring in foreigners in top positions?
now will have to worry that after election, we have to pay more and more, with no more Mr Good Year around
Please people do the right thing 2011 please vote this outrageous tyrant PAP!!!
“Please people do the right thing 2011 please vote this outrageous tyrant PAP!!!”
I doubt many have a chance to vote. Many did not see the guise of minister appointing lawyers. This means that the establishment can do whatever they want and they like because there is no law anymore, as all lawyers must agree and approved by the ministers. No matter how unfair and vote rigging there are, it will always be legal for the kangaroos because no lawyer will dispute that. Imagine the opp party want to engage the lawyer but couldn’t anymore because the kangaroo disapproved their lawyers. Get it ?
S’pore is truely a RED Dote, bleed too much $$ liao.
>.<
I was right about the impostor, Charles Waterhouse “Chip” Goodyear IV. Maybe Temasek read my blog posts of 8 and 13 Feb.
Goodyear must have taken a look at how they want him to do things..
and backed out because it went against his grain of principle?
I don’t know… just a hunch…
I don’t think this impostor had any principles – at least not for Singapore. Maybe someone read my blog about the bum.
Anyone here doing up a petition?
“Goodbye Mr Chips” was a Hollywood movie about a teacher who enjoyed a long tenure at Brookfield, a boy’s boarding school as he could relate to everyone at every level.
The Singapore version of “Goodbye Mr Chip” is a wayang in which the main character finds himself surrounded by civil servants or ex-civil servants trying to do multi-billion dollar global business . He could be, in other words, a round peg trying to fit into a square hole. That is a definition of ‘impossibility’. Is it any wonder that he wants out after only four months? IMHO, we can now say goodbye to more of our money.
Newsflash: Temasek could not get Goodyear to agree to their strategy so he had to leave.
TH strategy: Buy high Sell low.
It’s nothing more then a wayang to show that we need Ho Ching to be in-charge!
several possible reasons
1) Old man does not like Mr.GY, so pressure from background
2) The TH is way too messy and damaged, GY decided that he does not want to be the lamb
3) GY might have proposed changes but already met with gigantic resistance from those who made bad and poor decision that caused the huge losses in investment.
The results ? Do Expect The retirement min sum limit in our CPF account would be keep raising, so to retain more money in the hands of those bad investors in TH
While celebrating the 50 years of self rules ( whose rules ? ), we are seeing our hard earned money go into the drain like a flood gate, what do we celebrate ?
I wonder how many HDB flat blocks can be upgraded Free Of Charge with this lost money !
We want our Singapore back to the People, and real people action must have EFFECTIVE CHECK AND BALANCE
Let’s lose another $50 billion dollars!
I agree with #97, ( This is my Singapore )
We must ask a simpe question, Tto whom the TH inner circle ( HC and packs ) is accountable to ? The Father ? The Son ? or the Holy Goh ?
There is simply not check and balance
If this loss were happen in USA, all TH gang woulkd have been grilled and BBQ by the congress ( the Parliament ) and the inpartial media would have come down hard on the weak, incompetent execs of TH
Today, the opposition camp is still fighting for personal glory when approaching each GE, when will a group of real leaders emerge ?
Those Young PAP are simply a group of Ivory Tower product, they are NOT fit to lead us, they benefited from the current system, they will fight to keep it
So, will there be courageous leaders from opposition camp ? I don’t know, we can only pray….
They are totally a bunch of “PROFESSIONAL AMATEUR”, that why the professional (Goodyear) better punch out now!