Asia Sentinel, 23 Jul 2009
The resignation of Charles "Chip" Goodyear halfway through the period between his appointment in March as chief executive designate of Temasek and his assumption of the post in October is yet another illustration of a long established principle: never disagree with a member of the ruling family.
Whether or not he was a good choice for the job, the appointment of this investment banker and former boss of BHP-Billiton was hailed as a sincere effort to bring fresh thinking to the management of a massive fund which had suffered badly from Ho Ching's overenthusiasm for financial sector – particularly western financial sector – assets. Not only were many of these acquired at high prices, some such as Barclays and Bank of America (which had acquired the bankrupt Merrill Lynch) were sold off near the bottom of the market earlier this year while with UBS Temasek had to help out with rescue packages.
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