Why Ho Ching quit?

Why Ho Ching quit?


Temasek said in a surprise announcement last month that Ms Ho, who joined Temasek's board in 2002 and became chief executive in 2004, would step down on Oct 1. -- ST PHOTO: JOYCE FANG

SINGAPORE'S Cabinet gave in-principle approval for Temasek Holdings chief executive officer Ho Ching to step down last month, Minister Mentor Lee Kuan Yew said on Wednesday.

This followed a Cabinet paper tabled by the Ministry of Finance, Temasek's parent. The paper laid out Ms Ho's reasons for retiring, MM Lee said at the Thomson Reuters Newsmaker Event.

'She thinks it was time,' he said.

'It's got nothing to do with bad investments because when you go in aggressively into the market you must take the knocks when the knocks come.'

Temasek said in a surprise announcement last month that Ms Ho, who joined Temasek's board in 2002 and became chief executive in 2004, would step down on Oct 1.

As to why the reins were handed over to an expatriate - American Charles Goodyear, former chief executive of BHP Billiton - MM Lee said 'there was nobody inside Temasek equal to the job'.

Mr Goodyear has 'a proven record, and we feel he was a better man than what we had within the system', he said.

He was also 'somebody exposed to world markets', and Temasek's investments 'covered the world', noted Mr Lee.

Whether the new appointment marks a change in Temasek's strategy will depend on how the financial sector evolves, something no one can predict, he added.

In response to a question on whether the timing of Ms Ho's retirement was wise given the uncertain economic conditions, MM Lee said that was for Temasek's board to decide.

'Temasek goes in for higher rewards and higher risks,' he said. 'They lead a very dynamic team to keep nimble and move with the market, move faster than the market.'

Source: http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_346206.html