Temasek CEO Ho Ching to Step Down; Chip Goodyear to Take Over

"Temasek Holdings Pte said Chief Executive OfficerHo Ching will step down after almost seven years at the helm of Singapore's $130 billion state-owned investment company.

Ho, wife of Singapore's Prime Minister Lee Hsien Loong, will be replaced by Chip Goodyear, 51, a former CEO of BHP Billiton Ltd...

Ho's departure comes as slumping global stock markets slashed the value of investments by Temasek, which generated shareholder returns of 17 percent between its inception in 1974 and the end of March. Ho increased investments in financial services to 40 percent of Temasek's total portfolio, by buying stakes in banks including Merrill Lynch & Co."


Ah, it is a sad day indeed for Singapore and locally-born Singaporeans.

Once again, Foreign Talent has edged aside a Singaporean, in the job of caring for the family silver, no less.

Verily, "Singaporeans jobs for Singaporeans" should be the motto guiding us through these dark times laden with layoffs!

This is also a sign to us that we cannot be complacent. We must tighten our belts and prepare for more wage and CPF cuts so that we can remain competitive in the global marketplace.

Ms Ho, we, the people of Singapore, feel your pain.