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The mysterious exit of Temasek Holdings‘ (state owned Sovereign Wealth Fund) newly appointed CEO Charles Goodyear, within a short span of just four months, has made the firm popularly unpopular.

Despite a barrage of questions by MP’s as to the reason’s behind Goodyear’s exit, the Finance Minister revealed little, firmly stating “people do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason to disclose information.” He also stated that it would be ideal if the CEO was a Singaporean but was quick to add that the ultimate decision was in the hands of the Board members and that Singapore did not want the countries that the firm invests in to think “that there is an element of political decision making in the way Temasek is run … we do not want to send that signal.” Read the full report here.

However, the very fact that Temasek refuses to disclose Goodyear’s exit sends out all the wrong signals. The question on every one’s mind is what were the “differences regarding certain strategic issues that could not be resolved” between Goodyear and Temasek? Did Goodyear want to implement changes that were resisted by Temasek? If so, what was the nature of change he proposed? Without answers speculation and rumors are rife. More importantly, what does this silence imply for Temasek’s future? As the Finance Minister has already pointed out, there has been a dent in the firm’s reputation, owing to sudden decision of Goodyear and Temasek parting ways. Is it going to go a step further and dent the reputation of the “Singapore Brand” that the government is so fiercely proud of?

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