Business News
Singapore's Temasek loses second president in three months
Oct 5, 2011, 10:30 GMT
Singapore - One of the three presidents of Singapore state-owned investment firm Temasek Holdings Ltd has quit, a company spokesman said Wednesday, citing personal reasons for the departure.
Hsieh Fu Hua, who was in office for 13 months, became the second top executive to leave in three months. The company appointed three presidents in August of last year.
'Mr Hsieh Fu Hua has decided to step down from his executive role as president to make room for personal priorities,' Temasek spokesman Stephen Forshaw said in an e-mailed statement.
Hsieh was to retain his non-executive position on the Temasek board, and that of chairman of the group's Fullerton Fund Management Company Ltd, ST Asset Management Ltd and the Stewardship and Corporate Governance Centre, he said.
'Executive movements in Temasek are part of our continual efforts to further strengthen our talent pool and deepen our leadership bench strength, both from within and from external hires,' said Forshaw.
Temasek has faced several changes of top level management since 2009, when a planned handover from chief executive Ho Ching to US businessman Charles Goodyear was called off, reportedly over differences in strategy.
Temasek is the smaller of Singapore's two state investment companies, the other being the Government of Singapore Investment Company Pte Ltd.
The value of Temasek's portfolio stood at 193 billion Singapore dollars (148 billion US dollars) as of March.
Read more about Temasek
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