Charles W. Goodyear, former CEO of BHP Billiton, was named CEO of Temasek Holdings, Singapore’s US$130 billion state-owned investment company, effective Oct. 1, according to a company announcement.
Mr. Goodyear will replace Ho Ching, the wife of Singapore’s Prime Minister Lee Hsien Loong. Ms. Ho had been in the post since 2004 and had led the fund’s drive to invest internationally, particularly in overseas financial assets. Temasek became one of the largest stakeholders in Merrill Lynch before its acquisition by Bank of America.
The appointment of Mr. Goodyear, who retired from BHP Billiton in 2007, signals a possible change in direction for Temasek, a source familiar with the move said. The fund could be considering a move to diversify investments away from financials into energy and resources, the source said.
