Temasek Holdings and Charles ("Chip") W. Goodyear have mutually agreed not to proceed with the CEO appointment that was to have taken effect on 1 October 2009.
Mr Goodyear was appointed a member of the Board of Directors of Temasek Holdings (Private) Limited on February 1 and CEO-Designate on March 1 to succeed Ms Ho Ching as CEO. In a news release issued on Tuesday evening, Temasek said that four months into the leadership transition, the Board and Mr Goodyear concluded and accepted that there were differences regarding certain strategic issues that could not be resolved.
In light of the differences, both parties decided that it was in their mutual interests to terminate the leadership transition process and hence the executive relationship with effect from 15 August 2009.
Mr Goodyear will also step down from the Temasek Board, effective the same date. Chairman of Temasek Holdings, Mr Dhanabalan was quoted in the news release as saying, "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."
Mr Goodyear who voiced regret at being unable to continue with the leadership transition described Temasek as having "a fantastic platform". Elaborating on the point, Ms Ho Ching said she hopes to complete the initiatives that started by Mr Goodyear.
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