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How many mistakes the he made? Can his good contributions outweigh his mistakes?
If the answer is negative then he has to let other capable one to take over. Fair, right?
Reminded me of Temasek venture into Shin Corp, was wondering who is who's going to get the receiving end, this story is yet to be unfold, expecting to seeing someone important exit gracefully on a later date.....and someone =ly important come in to oversee who who's, sort of new look, new confident, new challenge.
After all having experienced 20 long years at JP. This is what to be expected from him for giving DBS this kind of reported card, must be very comfortable to sit at the top w/o much supervsion. The Temasek board of Dir must be quite disappointed. Wishes him best of luck and with much regards.
Quote"
Last month DBS surprised investors by saying its exposure to risky collateralised debt obligations was nearly double what it had initially declared.
The revelation pushed its shares into a loss for the year, while shares of domestic peers Oversea-China Banking Corp and United Overseas Bank have rallied 15 percent and 12 percent amid a booming Singapore economy.
Note here: Tai, who worked for JPMorgan as an investment banker for more than two decades, explored acquisitions in China and South Korea.
In 2001 DBS acquired Hong Kong's Dao Heng Bank. Tai, who was president at that time, said the purchase was an important step toward building DBS into an "Asian powerhouse."
But in early 2006, DBS announced it would book a charge of S$1.13 billion in the fourth quarter of 2005 to write off some of the goodwill it paid to acquire Dao Heng, which pushed its fourth-quarter profit into the red, its full-year profit down 15 percent and hit its shares.
the next ceo will be ABC or Angmoh.
When Mr KBH is invited to be Chairman of biggest local bank, "Mah Nah Ai Ta Han", the CEO ("Tah Boleh Ta Han liao") will has to leave as accordingly. Tot he invited the Angmo to handle and wrote that POSB be given a run out of data to cease, and paid US or SIN dollars (10 billion) to take over a HK bank.
Anybody here wish to be DBS ceo, pls put up your hand.
i think the sub prime issue caused him his job.
http://sg.news.yahoo.com/rtrs/20070924/tap-dbs-ceo-c3bb44c.html
They must be rejoicing his departure.
and they reacted positively to the resignation?! sure Mr Tai won't be too happy to hear about that... (+$0.70 today with heavy vol).
I doubt so. Nothing wrong with changing of CEO. Happens all the time.
I believe this news should have reached the BBs before it got to the news and I don't see panic selling there.
Last day is end of the year and he is stepping down to join his family members in US...
Will there be any panic selling tomm?
ttman