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MM Lee clarifies Temasek's CEO succession list
By Lau Joon-Nie, Channel NewsAsia | Posted: 10 March 2009 1927 hrs
Mr Lee Kuan Yew at the Thomson Reuters Newsmaker Event. (file pic)
SINGAPORE: Temasek Holdings has informed Minister Mentor Lee Kuan Yew that internally, it has several candidates – mostly in their late-30s and 40s – with CEO potential.
At the Thomson Reuters Newsmaker Event last Wednesday, Mr Lee had said that former BHP Billiton CEO Charles Goodyear was picked as the next CEO as "there was nobody inside Temasek equal to the job".
In a statement on Tuesday, Mr Lee said the Singapore investment company had corrected him. He had been told that its CEO succession list, which includes Singaporeans and non-Singaporeans from inside and outside the company, is updated yearly.
These CEO succession options, it said, are categorised for various timeframes from immediate to a three to five-year horizon. Mr Lee said Temasek selects new CEOs who have the experience and energy to lead the firm for a good five to ten years.
External candidates considered by Temasek include experienced business leaders or promising candidates in their 40s to early 50s who are doing well in their careers.
Some of the internal candidates, Mr Lee said, have better investment sense than some of the external candidates. He said these candidates, who are mostly younger, could be considered for the CEO job at various timeframes.
The minister mentor added that the Temasek Board had picked Mr Goodyear based on merit, citing his leadership capabilities, experience and track record which will be complemented by the strengths of the current team.
A key consideration was his affinity for Temasek's values and its position as a long-term investor that is committed to delivering sustainable returns. The Board was also satisfied that Mr Goodyear has a strong interest in developing people for the long term.
- CNA/so
term-ah-sick is supposed to be pte ltd or ltd, y they obligated to inform minister office personnel of their succession list? is this also indication that the career path already fixed & carved in stone? so, that means, there's no room for newer/better contender to challenge the position as CEO?
i tot it should always be proven based on achievements, that the CEO is being promoted/hired, and not by appointed or paved routes. how come term-ah-sick following gahmen style of year-marked promotion pattern?
By Lau Joon-Nie, Channel NewsAsia | Posted: 10 March 2009 1927 hrs
Mr Lee Kuan Yew at the Thomson Reuters Newsmaker Event. (file pic)
SINGAPORE: Temasek Holdings has informed Minister Mentor Lee Kuan Yew that internally, it has several candidates – mostly in their late-30s and 40s – with CEO potential.
At the Thomson Reuters Newsmaker Event last Wednesday, Mr Lee had said that former BHP Billiton CEO Charles Goodyear was picked as the next CEO as "there was nobody inside Temasek equal to the job".
In a statement on Tuesday, Mr Lee said the Singapore investment company had corrected him. He had been told that its CEO succession list, which includes Singaporeans and non-Singaporeans from inside and outside the company, is updated yearly.
These CEO succession options, it said, are categorised for various timeframes from immediate to a three to five-year horizon. Mr Lee said Temasek selects new CEOs who have the experience and energy to lead the firm for a good five to ten years.
External candidates considered by Temasek include experienced business leaders or promising candidates in their 40s to early 50s who are doing well in their careers.
Some of the internal candidates, Mr Lee said, have better investment sense than some of the external candidates. He said these candidates, who are mostly younger, could be considered for the CEO job at various timeframes.
The minister mentor added that the Temasek Board had picked Mr Goodyear based on merit, citing his leadership capabilities, experience and track record which will be complemented by the strengths of the current team.
A key consideration was his affinity for Temasek's values and its position as a long-term investor that is committed to delivering sustainable returns. The Board was also satisfied that Mr Goodyear has a strong interest in developing people for the long term.
- CNA/so
term-ah-sick is supposed to be pte ltd or ltd, y they obligated to inform minister office personnel of their succession list? is this also indication that the career path already fixed & carved in stone? so, that means, there's no room for newer/better contender to challenge the position as CEO?
i tot it should always be proven based on achievements, that the CEO is being promoted/hired, and not by appointed or paved routes. how come term-ah-sick following gahmen style of year-marked promotion pattern?
