Goodyear and Temasek Split
Sunday, July 26, 2009 6:48
A major rift over strategy has prompted Charles “Chip” Goodyear to part company with Temasek Holdings just weeks before he was to become chief executive of the Singaporean sovereign wealth fund.
Temasek and Mr Goodyear surprised the City by announcing that the CEO-designate would no longer replace Ho Ching at the fund’s helm on October 1. mr Goodyear, the former chief executive of BHP Billiton, will intead leave Temasek on August 15, less than seven months after joining the board.
Named CEO-desinate on March 1, Mr Goodyear, who was born in the uS, was to be the first foreigner to run the Singapore’s government’s investment arm following a “leadership transition” period.
In a statement, Temasek said the board and Mr Goodyear had accepted that they had insurmountable differences regarding “certain strategic issues”. Sources said that among their differences, Mr Goodyear and other board members had conflicting views on proposed senior management changes and risk strategy. Mr Goodyear is believed to have initiated the split.
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