In a surprising reversal, Temasek Holdings Pte. Ltd. said Charles Goodyear will not become CEO of the sovereign fund in October. Goodyear (pictured) was appointed as a board member on Feb. 1 and CEO-designate on March 1. He was to succeed Ho Ching. In a statement, Temasek said both parties concluded and accepted that there are differences regarding certain strategic issues that could not be resolved. Goodyear will step down from the board and leave Temasek on Aug. 15.

Ching, wife of Singapore Prime Minister Lee Hsien Loong, will continue as CEO.

Benjamin Lorello is now chairman of investment banking at Jefferies & Co. Lorello was with UBS for more than 10 years, where he was vice chairman and global head of healthcare investment banking. Lorello also worked at Salomon Smith Barney for 15 years, where he was managing director and global head of healthcare investment banking. Earlier he spent seven years at Shearson Lehman Brothers in investment banking.

Sage Kelly joined Jefferies as head of healthcare investment banking. Kelly was a managing director at UBS Securities LLC for more than 10 years. Previously, he was an investment banker at Salomon Smith Barney.

Last month, Lorello took Kelly and 34 other UBS bankers to Jefferies. UBS sued, but the banks resolved litigation "amicably."

Check The Deal Pipeline for updates on these Movers & shakers:

• Moelis & Co. said Caroline Silver will join the firm in October as a managing director in London.
• Robert Nardelli rejoined Cerberus Capital Management LP as CEO of Cerberus Operating and Advisory Co. LLC.
• Barclays Wealth appointed Mitch Cox as a managing director and head of the global investment and product office.