Temasek, Ex-CEO Designate Differed On New Invest Focus -Source
July 21 2009 - 6:54AM
Dow Jones News
Singapore state-owned investment company Temasek Holdings Pte.
Ltd. and former Temasek Chief Executive Designate Charles "Chip"
Goodyear differed on the company's new investment focus, a person
familiar with the situation said Tuesday.
The person also said Goodyear planned some changes for the
senior management that weren't well-received, without elaborating.
Temasek's board must approve appointments for such posts.
Temasek said earlier Tuesday that Goodyear, former chief
executive at BHP Billiton Ltd. (BHP), won't take over as chief
executive of the state-owned investment firm as previously agreed
in February, citing differences regarding certain strategic issues
that couldn't be resolved.
The person familiar with the situation told Dow Jones Newswires
that Goodyear's proposals for the firm's new strategic direction
were considered too risky by some, without elaborating.
Temasek Chairman S Dhanabalan said in a statement that current
Chief Executive Ho Ching wil continue in that capacity, but added
that the company will continue with its succession planning process
for the post.
-By Costas Paris and Se Young Lee, Dow Jones Newswires; +65 6415
4155; vincent.lee@dowjones.com