Bloomberg News

Temasek Says Hsieh Fu Hua Steps Down as Board Member

February 01, 2012

(Updates with details on management changes in third paragraph.)

Feb. 1 (Bloomberg) -- Temasek Holdings Pte, Singapore’s state-owned investment company, said Hsieh Fu Hua is stepping down from the board four months after he left his post as president.

The former chief executive officer of Singapore Exchange Ltd. will retain his positions as chairman of Fullerton Fund Management Company Ltd., ST Asset Management Ltd. and the Stewardship and Corporate Governance Centre, which is backed by the investment firm, Temasek said in a response to queries. Hsieh relinquished his executive position at the end of September “to make room for personal priorities,” Temasek said.

Temasek has faced changes at the top since the middle of 2009, when it parted ways with former BHP Billiton Ltd. head Charles “Chip” Goodyear, who was going to replace Ho Ching as CEO, over differences in strategy. Simon Israel, also a former Temasek executive director and president, retired from his executive and board roles in July.

The firm, which managed S$193 billion ($154 billion) as of March 31, named Hsieh as president in 2010, along with Israel and Gregory Curl, once a candidate for CEO of Bank of America Corp.

--Editors: Linus Chua, Lars Klemming

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net


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