As some of you must have guessed - it turned out to be people that was the issue. Dear Chip wanted a revamp of org structure amongst other things. The structure was flat, made of personalities with their respective newly created fiefdoms. Structure was changed shortly before he turned up for his 1st day of work which is unusual as one would left it until the new CEO took over. Jimmy Phoon of the Thaksin infamy somehow managed to be re-employed, the lady who had a special relationship with the usual cover of "special project" over the years was ranked second after Charles Ong.
Looks like Chip was chatting with people who were aware of or associated with what was going on inside to get a lay of the land.
In the end, he realised that he was the poster boy for political reasons, more platable for foreign governments concerned about sovereign funds, less political rub on the homefront. The newly revamped management team that was put in place just before he came in had lost its international sheen with a locals now standing front and centre.
His conclusion - his direct reports were in fact CEOs of their respective fiefdoms with him having an administrative and liaision role between management and board. A figurehead. Nothing to do with commodities, target markets, investments etc.
The board afraid that Temasek being a sovereign fund had its own concern. They were not about to hand over control of a valuable and sensitive state entity to a foreigner.
Clearly it was a mismatch of intentions.
Looks like Chip was chatting with people who were aware of or associated with what was going on inside to get a lay of the land.
In the end, he realised that he was the poster boy for political reasons, more platable for foreign governments concerned about sovereign funds, less political rub on the homefront. The newly revamped management team that was put in place just before he came in had lost its international sheen with a locals now standing front and centre.
His conclusion - his direct reports were in fact CEOs of their respective fiefdoms with him having an administrative and liaision role between management and board. A figurehead. Nothing to do with commodities, target markets, investments etc.
The board afraid that Temasek being a sovereign fund had its own concern. They were not about to hand over control of a valuable and sensitive state entity to a foreigner.
Clearly it was a mismatch of intentions.
