Temasek CEO Ho Ching To Step Down

SINGAPORE (Dow Jones)--Singapore''s state-owned investment firm Temasek Holdings Pte. Ltd. said Friday that Chief Executive Officer Ho Ching will step down in October and will be replaced by former BHP Billiton Ltd. (BHP) CEO Charles Goodyear. "Ho Ching has been instrumental in bringing ''Chip'' on board. We have been working on this appointment for more than a year," Temasek Chairman S. Dhanabalan said in a statement. "The team has already embarked on a different stance since mid-2007, and has begun to review its long-term plans under various scenarios prompted by the economic downturn. The board is of the view that, if we are to bring in new leadership, it would be just as good a time as any to involve a new leader in this review," he added. Ho, who is in her 50s, has been Temasek''s CEO since 2004. She is the wife of Singapore Prime Minister Lee Hsien Loong.