[News] Goodyear might not be taking Temasek job after all...

[louisoh]

http://online.wsj.com/article/SB1000...816464968.html

‘We hired the best,” Singapore founder Lee Kuan Yew said last month, referring to the incoming head of state-owned investment firm Temasek, Chip Goodyear. Yesterday, Temasek released a statement saying Mr. Goodyear wouldn’t be taking the job after all. Given that Temasek manages about $84 billion in taxpayer monies, Singaporeans deserve to know what happened.

Mr. Goodyear’s appointment was a step toward more transparency and professionalism. He was the first non-Singaporean to be named as CEO and had experience running companies in Australia and U.S. Current CEO Ho Ching, the wife of the prime minister, spent her professional career in Singapore and has presided over a huge fall in the company’s portfolio value amid the recent financial crisis.

Temasek said in a statement yesterday that the parting of ways was mutual and cited “differences regarding certain strategic issues that could not be resolved.” Ms. Ho was quoted as saying she hopes “to complete the initiatives” Mr. Goodyear started. In a statement emailed to us yesterday, Chairman Suppiah Dhanabalan said those initiatives include “policies, work processes and systems.” But a spokesman declined to comment when we asked if more transparency was also on the agenda.

Temasek took a step in the right direction in 2004 under Ms. Ho’s tenure when it released its first annual report—30 years after its founding. Much more could be done. Temasek, which is wholly owned by the Ministry of Finance, releases only consolidated results, limited historical financial data and scant details on how it evaluates and compensates its executives.

Under Singapore law, Temasek isn’t obligated to release any financial data at all. But if Ms. Ho wants to send a message to taxpayers that Temasek is still on a reform path, she’ll assure them that Mr. Goodyear’s appointment wasn't merely an aberration from opacity as usual.

[cheng]

when things go bad, retire and find someone to take the heat. now that market recovers, take over ... Vola , mark to market portfolio is doing well !!!

maybe will be rewarded next year with huge bonus ... who knows

[BigBlueBird]

Good bye to someone who's was chip and good! Welcome back ...?

[louisoh]

More gd years ahead.... maybe he didnt wan to be puppet for our 'dynasty'... things aren't as transparent as he wanted

[Nooch]

Well well.. y am I not surprised??

[louisoh]

Source: http://wayangparty.com/?p=10520


In a stunning reversal, Singapore’s Temasek Holdings Pte. Ltd. said Tuesday that American executive Charles “Chip” Goodyear won’t take over as chief executive of the state-owned investment firm, reversing plans announced earlier this year. (source: Dow jones)

“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,” Temasek said in a statement.

Temasek said it had reached an ‘agreement’ with Mr Goodyear ‘not to proceed with his CEO appointment’ which was scheduled to take formal effect on Oct 1 when Ms Ho Ching steps down.

The statement said Ms Ho Ching has agreed to continue as Executive Director and CEO.

Mr Goodyear was appointed a member of the Temasek board on Feb 1 and CEO-designate on March 1. (source: Straits Times)

‘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 Aug15.’

It was not known what are the exact “differences” between Goodyear and the Temasek Board leading to his dramatic exit less than half a year after being appointed as its CEO-designate.

Madam Ho Ching claimed Chip has started a number of initiatives which she believe will help strengthen the Temasek platform. If this is indeed so, why was Chip shown the exit even before he assumed his position?

Given the opaque nature of Temasek’s internal modus operandi, nobody will ever know the real reasons behind Chip’s dismissal.

Chip was brought in to replace Ho Ching as Temasek’s CEO in February due to his background as the former head of mining giant BHP-Billton.

Goodyear is expected to look at investments in the resource sector, after the fund was burned by high profile investments in Western banks in the past year that created discontent among Singaporeans worried about the state’s savings.

It was widely speculated that Ho was pressurized to step down from Temasek’s CEO after mounting losses from ill-timed investments in foreign banks to take some political heat from her husband, who is incidentally the Prime Minister of Singapore.

The appointment of Goodyear was applauded by many in the financial industry.

Wall Street Journal wrote:

“The hiring of a foreign CEO is a notable change, and we hope it’s a signal that Temasek and Singapore’s leaders understand the need for more transparency in the company’s operations. The world is demanding more openness and accountability from sovereign-wealth funds, and the shareholder-voters of Singapore deserve nothing less.” (Source: WSJ)

The re-appointment of Ho Ching as Temasek’s CEO is a clear indication that public sentiment is irrelevant in the decision-making process of the establishment.

In spite of constant calls for more transparency and accountability from Temasek, the government remains oblivious to the concerns of the people.

Ho Ching’s ‘track record’ at the helm of Temasek has been most “impressive”. Her decision to sell Temasek’s stake in Bank of America at the bottom of the market continued to go unquestioned by Temasek’s Board, the Ministry of Finance and government leaders.

Temasek’s loss on BoA alone is estimated around US$4.6 billion, or roughly US$1,000 for every single Singaporean citizen. Big losses too were sustained on most of the rest of the financial portfolio such as Barclays of the UK and UBS of Switzerland.

Quite how badly Temasek has done is hard to figure out because the data presented is scanty and unconsolidated. For example, in 2007-08 the value of its portfolio increased by 13 percent to S$185 billion but it is unsure how much of that was simply a capital injection from the government.

There are also black holes like its subsidiary Astrea, which borrowed US$810 million in earlier in the decade to invest in a portfolio of private equity and buyout funds. Another fall for Wall Street fashion which will likely be reflected in pensions for Singaporeans. (source: Asia Sentinel)

In Singapore’s unique brand of “meritocracy”, it appears that some people are irreplaceable no matter how many mistakes they make. Since they are no ‘lesser mortals’, they are only capable of ‘honest mistakes’.

Singaporeans should stop lamenting the latest U-turn by the government. After all, we have no say absolutely at all in how our nation is being governed. It is time to ‘move on’ for the sake of ‘public interest’.

[exxondus]

er, so meaning Ho Ching not stepping down?

[yellofit]

Have a read at this article, he could be an imposter.

http://johnharding.com/2009/07/21/ch...-by-singapore/

[Nooch]

Maybe Temasick can try Yokohama or Michelin???

[seiko.citizen]

Maybe Temasick can try Yokohama or Michelin???

dont forget also have Pirelli and Bridgestone . Or if you are going to follow Mahathir you can "look East" and get Nankang. No need to keep looking West

[116520]

maybe me?

dont forget also have Pirelli and Bridgestone . Or if you are going to follow Mahathir you can "look East" and get Nankang. No need to keep looking West