<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>March 11, 2009
</TR><!-- headline one : start --><TR>MM clarifies on Temasek <!--10 min-->
</TR><!-- headline one : end --><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD><TD vAlign=bottom>
'They stated that Temasek updates its CEO succession options yearly,' he said.
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->MINISTER Mentor Lee Kuan Yew has clarified remarks that he made last week about succession planning at Temasek Holdings.
During a dialogue with business leaders last Wednesday, he said that Mr Charles W. Goodyear, a 51-year-old American, was picked as Temasek's next chief executive officer as 'there was nobody inside Temasek equal to the job'.
Yesterday, in a statement issued by his press secretary, MM Lee said the Government-owned investment company 'has since corrected me. This was not the case'.
'They stated that Temasek updates its CEO succession options yearly,' he said.
'Their list includes Singaporeans as well as non-Singaporeans, both inside and outside of Temasek, categorised for various timeframes from immediate to a three- to five-year horizon.'
Temasek selects new chief executive officers who have the experience and energy to lead the firm for a good five to 10 years, he added.
MM Lee said: 'External names considered by Temasek include experienced business leaders or promising candidates who are doing well in their careers. They would be in their 40s to early 50s.'
He added that there were capable candidates within the organisation too.
'Internally, Temasek has several potential CEO candidates, mostly between late-30s and mid-40s. Several have better investment nous than some of the external candidates. They are capable and can be considered for the CEO job at various timeframes.'
Ultimately, Temasek picked Mr Goodyear on merit. Said MM Lee: 'A key consideration was his affinity for Temasek's values and its position as a long-term investor, committed to delivering sustainable returns. Read the full story in today's edition of The Straits Times.
</TR><!-- headline one : start --><TR>MM clarifies on Temasek <!--10 min-->
</TR><!-- headline one : end --><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
'They stated that Temasek updates its CEO succession options yearly,' he said.
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->MINISTER Mentor Lee Kuan Yew has clarified remarks that he made last week about succession planning at Temasek Holdings.
During a dialogue with business leaders last Wednesday, he said that Mr Charles W. Goodyear, a 51-year-old American, was picked as Temasek's next chief executive officer as 'there was nobody inside Temasek equal to the job'.
Yesterday, in a statement issued by his press secretary, MM Lee said the Government-owned investment company 'has since corrected me. This was not the case'.
'They stated that Temasek updates its CEO succession options yearly,' he said.
'Their list includes Singaporeans as well as non-Singaporeans, both inside and outside of Temasek, categorised for various timeframes from immediate to a three- to five-year horizon.'
Temasek selects new chief executive officers who have the experience and energy to lead the firm for a good five to 10 years, he added.
MM Lee said: 'External names considered by Temasek include experienced business leaders or promising candidates who are doing well in their careers. They would be in their 40s to early 50s.'
He added that there were capable candidates within the organisation too.
'Internally, Temasek has several potential CEO candidates, mostly between late-30s and mid-40s. Several have better investment nous than some of the external candidates. They are capable and can be considered for the CEO job at various timeframes.'
Ultimately, Temasek picked Mr Goodyear on merit. Said MM Lee: 'A key consideration was his affinity for Temasek's values and its position as a long-term investor, committed to delivering sustainable returns. Read the full story in today's edition of The Straits Times.
