Singapore's Temasek Holdings president quits

One of two sitting presidents at Singapore's Temasek Holdings has stepped down for personal reasons, a spokesman for the state-linked investment firm said Wednesday. "Mr Hsieh Fu Hua has decided to step down from his executive role as president to make room for personal priorities," Temasek spokesman Jeffrey Fang said in a statement. However, Hsieh "will continue with his non-executive responsibility as a Temasek Board member," he said. Hsieh was one of three presidents appointed last year to support the leadership team. One of the presidents, Simon Israel, retired in July. Hsieh's stepping down leaves Temasek currently with one sitting president, former Bank of America executive Gregory Curl, who joined the Singapore firm in September last year. Analysts said Hsieh's decision to quit as well as other recent management changes were part of Temasek's efforts to find a successor for chief executive Ho Ching and strengthen the leadership during global economic turmoil. Ho, the wife of Prime Minister Lee Hsien Loong, stayed on as CEO after former BHP Billiton Chief Executive Charles Goodyear decided not to take up the role in 2009. Goodyear had been appointed as Temasek's CEO designate in March 2009 but left three months before his appointment was to take effect, citing irreconcilable differences over strategy. Temasek has said its search for a new CEO will be carried out both within and outside the company. "They've got people coming in and people coming out. Perhaps this reflects the urgency of preparing for the more volatile investment landscape by having the most experienced hands on deck," said CIMB regional economist Song Seng Wun. "They also have the issue of succession as well," he told AFP.