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Goodyear n Temasek

Flash-back Press Conference- how Temasek talked about searching and grooming him as a successor. It is a joke - "differences over strategy".

 

I'm just curious to know if Temasek is still looking for a new CEO or are they to maintain the staus quo now that the waters are less choppy?

Goodyear's premature departure leaves even more questions unanswered.Why now and how on earth was the selection process carried out? 

 

Obviously NO GOODyears for singapore ... bad times now ... haha

 

Already vested, no choice have to remain. Btw, fr commodities.... i feel that wilmar is stronger.

 

From AFP.... analyst comment below...

 

SINGAPORE, July 21, 2009 (AFP) - Singapore state investment arm Temasek
Holdings said Tuesday it was rescinding the appointment of US businessman
Charles Goodyear as its new chief executive due to differences over strategy.
    Temasek said in a statement that it had reached an “agreement” with
Goodyear “not to proceed with his CEO appointment” which was scheduled to take
formal effect on October 1.
    The former boss of resources giant BHP Billiton had been appointed to the
Temasek board on February 1 and CEO-designate on March 1 to replace Ho Ching,
the wife of Singapore Prime Minister Lee Hsien Loong.
    Temasek said Ho had agreed to stay on as CEO and executive director of
Temasek, which manages a global portfolio invested in a wide range of sectors
from airlines to energy, resources and consumer products.
    “Four months into the leadership transition, the Temasek Board and Mr.
Goodyear have concluded and accepted that there are differences regarding
strategic issues that could not be resolved,” the statement said.
    It gave no details of the policy conflicts between the board and Goodyear,
whose appointment by Temasek was seen as a bold move for the once-secretive
Singapore sovereign wealth fund which has suffered from the impact of the
global financial crisis.
    As of November 30, 2008, the Temasek portfolio was valued at 84 billion US
dollars, down from 134 billion dollars on March 31 that year.
    “In light of the differences, both parties decided that it is in their
mutual interests to terminate its leadership transition process and hence the
executive relationship with effect from 15 August 2009.”
    Goodyear will step down from the Temasek board on the same day.
    David Cohen, director of Asian economic forecasting at financial analysts 
Action Economics in Singapore, said he believed Temasek “will not be
significantly affected” by the development.
    “I think they have a broad enough staff that they will continue to function
well,” he told AFP. “They’ll find plenty of people who’ll be more than happy to
take the job.”

 

So the next question what will happen to Temasek stake in Olam?

 

 

Actually not sure if acquiring of Olam share is one of Goodyear strategy? To be frank, the style of approach looks quite risky especially commodities stock play can be of quite high risk.....but return may be well also lah..

U guys/ gays should known commodities stock price can goes up fast & fall down fast as well.

Temasek money is our singaporean money leh...........they use our money to invest. Hope Olam is really a good catch.

 

 

From Reuters

 

 SINGAPORE, July 21 (Reuters) - Singapore’s Temasek Holdings
 said Charles (Chip) Goodyear has decided not to become
the chief executive of the state investment firm due to
differences over strategy, less than six months after accepting
the post.
    Ho Ching, the wife of Singapore’s prime minister and the
current CEO, will continue to remain executive director and
chief executive, Temasek said in a statement on Tuesday.
    “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,” the statement said.
    The shock announcement came as Goodyear, the former CEO of
BHP Billiton , was ready to take over from Ho on Oct 1.
    “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,” Goodyear
was quoted as saying in the Temasek statement.
    His abrupt move came after analysts said he could overhaul
the firm’s investment strategy after Temasek lost more than $4
billion this year from dumping stakes in Bank of America
 and Barclays .
    Goodyear was also widely expected to trim Temasek’s
financial holdings and move aggressively into commodities and
energy and into emerging market infrastructure and consumer
retail sectors, analysts and bankers have said. .
    With 40 percent of its holdings in financials, the market
meltdown last year saw Temasek’s portfolio lose nearly a third
in the eight months to November, sparking unprecedented
criticism in Singapore about its strategy. The size of its
portfolio shrank to $84 billion as of Nov. 30.
   (Reporting by Saeed Azhar; Editing by Muralikumar
Anantharaman)

 

Singapore, 21 July 2009 – 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." -

 

Latest Goodyear resign from Temasek, Ho Ching coming back...