Scrapping of Temasek succession ’unfortunate’: CEO

The chief executive of Singapore’s state investment firm said that scrapping a plan to install its first foreign head was “unfortunate” but a succession review was going ahead.

The chief executive of Singapore’s state investment firm said on Wednesday that scrapping a plan to install its first foreign head was “unfortunate” but a succession review was going ahead.

HT Image

Temasek CEO Ho Ching’s comments come after the firm last week said it was rescinding the appointment of US businessman Charles “Chip” Goodyear as her replacement due to differences over strategy.

Goodyear would have taken over from Ho, the wife of Prime Minister Lee Hsien Loong, on October 1 and inherited a firm that has been badly hit by the effects of the global financial crisis.

“It is unfortunate that both the board and Chip recently came to the amicable and mutual conclusion that it was best not to proceed with the CEO transition,” Ho told a forum organised by the Institute of Policy Studies think tank.