Goodyear's shock exit from Temasek

Charles (Chip) Goodyear will not, after all, become the first foreigner to run Temasek Holdings, the Singapore government investment company. The surprise announcement comes just four months into the leadership transition period, which should have ended with Goodyear taking over the reins from Ho Ching on October 1.

According to a statement released by Temasek late yesterday afternoon, the board of directors and Goodyear have "concluded and accepted that there are differences regarding certain strategic issues that could not be resolved". Hence they both decided that "it is in their mutual interests" to end the leadership transition process from August 15, at which time Goodyear will also step down from the board. Goodyear was appointed a member of the Temasek board on February 1 and CEO-designate exactly a month later.

"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," Temasek's chairman S Dhanabalan said. 

Goodyear added that he too was sorry that we are unable to continue with the leadership transition. "Temasek has a fantastic platform and I wish the board, Ho Ching and the team all the best," he said. Temasek was unable to comment on any compensation package agreed with Goodyear.