Temasek CEO Ho Ching to leave

[Scenic98]

just saw this from Reuters......

 

Temasek CEO Ho Ching to leave; replaced by ex-BHP's Goodyear

SINGAPORE, Feb 6 (Reuters) - Singapore state investor Temasek

Holdings [TEM.UL] said on Friday its chief executive Ho Ching

will step down and be replaced by former BHP Billiton CEO Chip

Goodyear on Oct. 1.

Ho Ching, wife of Prime Minister Lee Hsien Loong, joined

Temasek as a director in January 2002 and has been CEO since

January 2004.

"The team has already embarked on a different stance since

mid-2007, and has begun to review its long-term plans under

different scenarios prompted by the economic downturn," Chairman

S. Dhanabalan said at a media briefing.

"If we are to bring in new leadership, it would be just as

good a time as any to involve a new leader in this review."

Goodyear, 51, stepped down as CEO of BHP Billiton in January

2007. He joined Temasek's board on Sunday.

Temasek, which had S$185 billion ($123.2 billion) in assets

as at March 2008, has been hit hard due to its 40 percent

exposure to banks that have slumped in value due to the global

financial crisis.

The sovereign wealth fund's key investments include 28

percent of DBS Group <DBSM.SI>, just under a fifth of Standard

Chartered Bank <STAN.L> and about 3.8 percent of Bank of America

(BoA) <BAC.N> following BoA's takeover of Merrill Lynch.

Temasek's $5 billion plus investment in Merrill alone has

resulted in a loss of more than $2 billion.

[Sparespares]

really?

if true, respect the PM for holding his own wife accountable....

[DarkLord]

Oh man.. This is bad.. Jumping ship before it sinks?

[Hoppe]

I also take my hat off to respect this decision.

 

[Mivec9]

Here's the link

 

http://www.reuters.com/article/marketsNews...C00100820090206.

 

Alot of failed ventures/losses actually.....good to have new change of CEO.

 

 

[Hub_n_mona]

FT again?

[Hishercar]

you must be still new in this game

 

after making a mass, while the total asset has not being finalized

 

pass the buck to another to be the fall guy

[Kezg1]

 

 

 

Can summarise ALL the losses ever since she was a CEO till she relinquish her post....pls also include ABC learning ...400mils...CIS... thank you

[Xefera]

What kind of accountability is there to just vacate the post and holds no further responsibility? Isn't this a stark contrast against their stance that investments are always for long term and should not be swayed by short term losses? So what is there to answer for in the first place?

 

me think this is more of to reduce the limelight on the PM as there is always the stark comparison that a couple can hold the reins on both the political as well as economical powers of a single country. who else dare claims that they have done likewise except for a puny little red dot?

Edited February 6, 2009 by Xefera

[Falc]

ermm ... wait till she jumps to a better seat, lower risk but higher returns seat that is. :)

[Latka]

you must be still new in this game

 

after making a mass, while the total asset has not being finalized

 

pass the buck to another to be the fall guy

 

Bro, wif respect to u, we must be careful with our spelling. We hv a new elite spelling checker as a member.

[Genie47]

http://www.temasekholdings.com.sg/media_ce...ases_060209.htm

 

Temasek Holdings Appoints Charles W. Goodyear as Member of the Board and CEO-Designate

 

06 February 2009, Singapore

 

The Board of Directors of Temasek Holdings (Private) Limited (

[Ultramega]

really?

if true, respect the PM for holding his own wife accountable....

 

He has to do it before he becomes accountable himself.

[Damienic]

no choice..they have to do tat...a lot of pple are unhappy with the losses and tongues have been wagging all this while and this would cause them to lose more votes if the wife continues as chief..anyway, elections are widely rumoured to be held this yr..so they might time it at this time to ensure sentiments on the ground is not going to turn for the worse esp with so much news abt TH losing so much money in investments under her leadership..

[Slonez]

Here's the link

 

http://www.reuters.com/article/marketsNews...C00100820090206.

 

Alot of failed ventures/losses actually.....good to have new change of CEO.

 

Agreed.

Anyone knows how much Temasek has lost the last couple of years?

[Scenic98]

scarly she becomes S'pore first lady President. Now isn't that a much easier job. Husband 1 key, wife 1 key.

[Mivec9]

From Reuter, out of the 5 billion in Merill lynch, lost 2 billion already. Rest still havent dig out. Chartered retrenched few hundred folks too. DBS lost record losses. ......wah lao! still got alot. Not everytime put scholars is good, really.

Edited February 6, 2009 by Mivec9

[Tarzan666]

Another local loses his/her job to FT?