of ho ching to quit temasek

Ho Ching to quit Temasek: Ms Ho Ching, 55, wife of Prime Minister Lee Hsien Loong, will leave Temasek. Former BHP Billiton CEO Charles 'Chip' Goodyear, 51, will take over on Oct 1. Ms Ho Ching joined Temasek as a director in January 2002 and has been CEO since January 2004. She will also resign from the board of directors. Temasek chairman S. Dhanabalan said Ms Ho's resignation has 'got nothing to do with performance', referring to the losses running into the billions, having taken major stakes in international banks like Barclays and Merrill Lynch. The investment company had been mulling the question of who would succeed Ms Ho as CEO since early 2005.


Ms Ho Ching (left) will step down as Temasek Holdings CEO in October, making way for American Charles W. Goodyear (right).

AFTER more than six years at Temasek Holdings, Ms Ho Ching, 55, is stepping down as its chief executive officer, making way for an American who will take the helm in October. Charles W. Goodyear, 51, the former boss of mining giant BHP Billiton, will be appointed CEO-designate on March 1 and he will officially take over from Ms Ho, after a six-month transition period, on Oct 1. The news took most by surprise on Friday and immediately sparked speculation as to the reason for Ms Ho's departure. Addressing the issue at a media conference on Friday afternoon, Temasek chairman S. Dhanabalan said the investment company had been mulling the question of who would succeed Ms Ho as CEO since early 2005. Then, in 2007, it found its man in Mr Goodyear.

Former BHP Billiton CEO Chip Goodyear, Temasek Holdings Chief Executive Ho Ching and Temasek Holdings Chairman S. Dhanabalan, (L-R) arrive for a news conference on Friday

The company is currently staring at paper losses running into the billions, having taken major stakes in international banks like Barclays and Merrill Lynch.

Mr Dhanabalan on Friday dismissed talk that these 'losses', as well those from the company's investments in Thailand's Shin Corp, were the reason for Ms Ho's departure. Temasek has also taken large stakes in Standard Chartered Plc, DBS Group Holdings Ltd and Barclays Plc.