TEMASEK Holdings CEO Ho Ching has dropped 25 places from No. 5 in last year's Forbes Magazine's World's Most Powerful Women list to 30th place this year.
German Chancellor Angela Merkel, who topped the list last year, also fell to 4th spot this year, while US first lady Michelle Obama, who ranked No. 40, is now the Most Powerful Woman.
This is likely due to Forbes changing the way it ranks women, basing this year's list less on wealth and power and more on creative input and entrepreneurship. It also grouped women into various categories, such as politics, business, and lifestyle.
In Forbes' 2010 ranking of the world's 100 most influential women, Ms Ho, wife of Prime Minister Lee Hsien Loong, came in 10th in the Business category.
Forbes said on its website that 'speculation remained as to whether Ho would remain CEO', after Temasek Holdings 'hired and promoted several high-level executives to support her.'
It also implied that the departure of Charles Goodyear, who had initially been brought in to succeed Ms Ho in 2009, had an effect on this year's ranking.
Kraft Foods Chief Executive Irene Rosenfeld, who led a hostile US$18 billion takeover of Britain's Cadbury, came in second, followed by talk show host and media mogul Oprah Winfrey, who is ending 'The Oprah Winfrey Show' next year after 25 years to launch her cable network OWN.
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