Singapore Temasek names Jimmy Phoon CEO of Seatown unit

SINGAPORE, July 28 (Reuters) - Singapore state investor Temasek has appointed Jimmy Phoon as chief executive officer of investment firm Seatown Holdings from Aug 1, a spokesman told Reuters on Thursday.

Phoon will succeed co-CEOs Charles Ong and Nasser Ahmad. Ong will return to Temasek as senior managing director for special projects, while Ahmad will stay on as an adviser to Seatown through the end of 2011 to ensure a smooth transition.

Ahmad, a Wall Street credit specialist, plans to return to fund management, the Temasek spokesman said.

Phoon will continue to be head of strategy at Temasek, the spokesman added.

Reuters reported earlier this month that Ahmad will leave Seatown, a S$4 billion ($3.2 billion) multi-strategy investment firm set up by Temasek more than a year ago.

Reporting by Saeed Azhar and Kevin Lim