Temasek and Charles Goodyear agree not to proceed with CEO appointment

Temasek and Charles Goodyear agree not to proceed with CEO appointment
Posted: 21 July 2009 1756 hrs

SINGAPORE: Temasek Holdings and Charles ("Chip") W. Goodyear have mutually agreed not to proceed with the CEO appointment that was to have taken effect on 1 October 2009.

Mr Goodyear was appointed a member of the Board of Directors of Temasek Holdings (Private) Limited on February 1 and CEO-Designate on March 1 to succeed Ms Ho Ching as CEO.

In a news release issued on Tuesday evening, Temasek said that four months into the leadership transition, the Board and Mr Goodyear concluded and accepted that there were differences regarding certain strategic issues that could not be resolved.

In light of the differences, both parties decided that it was 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.

Chairman of Temasek Holdings, Mr Dhanabalan was quoted in the news release as saying, "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."

Mr Goodyear who voiced regret at being unable to continue with the leadership transition described Temasek as having "a fantastic platform". Elaborating on the point, Ms Ho Ching said she hopes to complete the initiatives that started by Mr Goodyear.

"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," she said.

Mr Goodyear began his career at Kidder, Peabody where he advised corporations on mergers and acquisitions, and financing.

The former president of Goodyear Capital Corporation and former executive vice president and chief financial officer of Freeport-McMoRan Inc had also served as the chief executive and executive director, Chairman of the Office of Chief Executive for BHP Billiton.

Responding to Channel NewsAsia's queries, Temasek chairman S Dhanabalan explained that the differences between Temasek and Mr Goodyear are not the issue, but they have helped both sides to arrive at the decision not to continue with the CEO appointment.

Mr Dhanabalan said: "The differences in and of themselves are not the issue but they have helped both the Board and Chip to assess that it is in our mutual interest not to continue with the planned leadership transition."

He said that in the short time with Temasek, Mr Goodyear had started a number of initiatives with the objective to further strengthen the foundation of the firm, in terms of policies, work processes and systems. - CNA/vm

http://forums.delphiforums.com/sunkopitiam/messages?msg=33594.1