Temasek Holdings (Temasek) has entered into an agreement with Charles Goodyear (Chip) not to proceed with his appointment as CEO. Mr. Goodyear was appointed a member of the board on February 1 and CEO-designate on March 1. He was to succeed Ms. Ho Ching as CEO on October 1, 2009.
Four months into the leadership transition, the Temasek board and Mr. Goodyear have concluded and accepted that there are differences regarding certain strategic issues that could not be resolved. In light of the differences, both parties decided that it is in their mutual interests to terminate the leadership transition process and hence the executive relationship with effect from August 15 2009. Mr Goodyear will also step down from the Temasek board effective the same date.
Mr. Dhanabalan, chairman, Temasek, said: 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.
