Charles “Chip” Goodyear is walking away from an agreement to become CEO of Temasek Holdings, Singapore's S$127 billion (US$88 billion) sovereign wealth fund, according to a news release from Temasek.
Ho Ching, current CEO and the wife of Singapore Prime Minister Lee Hsien Loong, will continue as CEO.
Mr. Goodyear, who was born in the U.S. and received an MBA from the Wharton School of Finance, would have been the first non-Singaporean to serve in the post. He became CEO-designate on March 1 and was due to take over Oct. 1. But the Temasek board and Mr. Goodyear “concluded ... that there are differences regarding certain strategic issues that could not be resolved,” according to the release. He and Temasek will terminate the agreement effective Aug. 15.
The announcement came as a surprise to sources familiar with the matter. They pointed to the political pressure building up in the Singapore Parliament as a possible reason for Mr. Goodyear's departure. Earlier this year, several members of Parliament voiced concern that their national interest may be jeopardized if Temasek had a non-Singaporean CEO.