Temasek CEO Ho Ching step down...
Temasek CEO Ho Ching to leave; replaced by ex-BHP''s Goodyear (2009/02/06 16:18PM)
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SINGAPORE, Feb 6 (Reuters) - Singapore state investor Temasek
Holdings [TEM.UL] said on Friday its chief executive Ho Ching
will step down and be replaced by former BHP Billiton CEO Chip
Goodyear on Oct. 1.
Ho Ching, wife of Prime Minister Le Hsien Loong, joined
Temasek as a director in January 2002 and has been CEO since
January 2004.
"The team has already embarked on a different stance since
mid-2007, and has begun to review its long-term plans under
different scenarios prompted b the economic downturn," Chairman
S. Dhanabalan said at a media briefing.
"If we are to bring in new leadership, it would be just as
good a time as any to involve a new leader in this review."
Goodyear, 51, stepped down as CEO of BHP Billitonin January
2007. He joined Temasek''s board on Sunday.
Temasek, which had S$185 billion ($123.2 billion) in assets
as at March 2008, has been hit hard due to its 40 percent
exposure to banks that have slumped in value due to the global
financialcrisis.
The sovereign wealth fund''s key investments include 28
percent of DBS Group , just under a fifth of Standard
Chartered Bank and about 3.8 percent of Bank of America
(BoA) following BoA''s takeover of Merrill Lynch
Temasek''s $5 billion plus investment in Merrill alone has
resulted in a loss of more than $2 billion. [ID:nBNG274629]
(Reporting by Kevin Lim and Saeed Azhar, Editing by Ian
Geoghegan)
Temasek CEO Ho Ching to leave; replaced by ex-BHP''s Goodyear (2009/02/06 16:18PM)
--------------------------------------------------------------------------------
SINGAPORE, Feb 6 (Reuters) - Singapore state investor Temasek
Holdings [TEM.UL] said on Friday its chief executive Ho Ching
will step down and be replaced by former BHP Billiton CEO Chip
Goodyear on Oct. 1.
Ho Ching, wife of Prime Minister Le Hsien Loong, joined
Temasek as a director in January 2002 and has been CEO since
January 2004.
"The team has already embarked on a different stance since
mid-2007, and has begun to review its long-term plans under
different scenarios prompted b the economic downturn," Chairman
S. Dhanabalan said at a media briefing.
"If we are to bring in new leadership, it would be just as
good a time as any to involve a new leader in this review."
Goodyear, 51, stepped down as CEO of BHP Billitonin January
2007. He joined Temasek''s board on Sunday.
Temasek, which had S$185 billion ($123.2 billion) in assets
as at March 2008, has been hit hard due to its 40 percent
exposure to banks that have slumped in value due to the global
financialcrisis.
The sovereign wealth fund''s key investments include 28
percent of DBS Group , just under a fifth of Standard
Chartered Bank and about 3.8 percent of Bank of America
(BoA) following BoA''s takeover of Merrill Lynch
Temasek''s $5 billion plus investment in Merrill alone has
resulted in a loss of more than $2 billion. [ID:nBNG274629]
(Reporting by Kevin Lim and Saeed Azhar, Editing by Ian
Geoghegan)
