When there is an average of one senior departure every 2.25 months in a listed company anywhere in the world, the board of directors and CEO are under a lot of pressure to explain the departures. Shareholders, investors and the media want to know if there is something amatter with the company, how serious is it, and what are then plans to fix the problem.
But when the company is Temasek (the SWF that invests our money), the board and CEO face no such pressure, it seems.
The CEO of Fullerton Fund Management, fully owned by Temasek, resigned in late October last year. His acting successor left in February this year. “Hsieh Fu Hua, a member of Fullerton’s board of directors and executive director and president at Temasek Holdings, will work closely with Fullerton’s chief investment officer and chief operating officer to guide the firm until a new CEO is appointed,” it was announced. http://www.reuters.com/article/2011/02/07/fullerton-ceo-idUSL3E7D702720110207
He is still there it seems. FYI, there are rumours that this unit which manages the money of foreigners suffered badly during the 2007/2008 financial crisis, and the recovery has not helped it much.
This week, two other units had leadership changes.
Charles Ong and Nasser Ahmad quit as co-CEOs of Seatown, the “hedge fund” of Temasek. But Ong is not leaving the Temasek group. Ahmad is reported as leaving to return to the private sector. http://atans1.wordpress.com/2011/07/19/reshuffling-the-chairs-aboardtemaseks-hedge-fund/
Then Francis Rozario resigned as CEO of Temasek’s Fullerton Financial Holdings, the unit that invests in Asian banks. http://atans1.wordpress.com/2011/07/20/temasek-loses-74-of-pakistani-investment/
Again like in the case of Fullerton Fund Mgt, their replacements are from the parent company.
Given the frequency of the changes, surely S’poreans should be told if these changes are a statistical fluke (like several 100-yr or 50-yr floods in the space of 12 mths), or if there is something amiss at the manager of our money?
Fat chance. Pigs will fly or Tan See Jay will get his COE or TKL will get elected as president before any explanation is given.