SINGAPORE -- 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.
"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, one of the world's oldest and most respected
sovereign-wealth funds, had announcement the CEO change in
February, in a move that was seen as an effort to change gears
after big hits to its portfolio. At the time, fund officials
rejected the idea that the hiring of Mr. Goodyear was related to
recent financial hits, saying it first became interested in
attracting Mr. Goodyear in 2007.
Mr. Goodyear, a former BHP Billiton Ltd. CEO and a former
associate at Kidder Peabody, assumed the position of CEO-designate
at Temasek on March 1, and was expected to succeed current CEO Ho
Ching on Oct. 1. He is also leaving the board, Temasek said.
A person familiar with the situation said Mr. Goodyear differed with
Temasek on the company's new investment focus, and that his
proposals for the firm's new strategic direction were considered
too risky by some.
He also planned some changes
for the senior management that weren't well received, the person
said. Temasek's board must approve appointments for such
posts.
Ms. Ho, who is married to Singapore Prime Minister Lee Hsien
Loong and is daughter-in-law of the city-state's founder, will
continue as CEO and executive director of Temasek, a spokeswoman
said.
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