Ho Ching has decided to step down as the Chief Executive of Singapore state investor Temasek Holdings amid the falling value of the firms' investments. Ching, wife of Singapore Prime Minister Lee Hsien Loong, will be replaced by former CEO of BHP Billiton Chip Goodyear. Temasek
has assets of $134 billion under management as of March 2008. Goodyear assumes the position of CEO-Designate on March 1 and will succeed Ho on October 1, 2009.
Ching is quitting after 5 years as the Chief of Temasek. The last year has seen a drastic fall in Temasek's investments in financial institutions Merrill Lynch and Barclays. The company's $5 billion investment in Merrill Lynch has fallen more than $2 billion after the firms merger with Bank of America. Manish Kejriwal, who heads the India office of Temasek, led the Merrill Lynch deal. Temasek has also invested in Standard Chartered.
Temasek is one of the biggest private equity investors in India. Its investments include ICICI Bank, Bharti Infratel, INX media, among others.
"Chip presents a rare and unusual combination of investment and operational experience that can support the continued transformation of Temasek," said Temasek Chairman Dhanabalan. Chip Goodyear has also worked as an investment banker at Kidder Peabody and was CFO of BHP
Billiton before taking over as CEO.