Former senior minister Teo Chee Hean to take over from Lim Boon Heng as Temasek chairman , Singapore News
Former Senior Minister Teo Chee Hean will join Temasek Holdings as its deputy chairman on July 1 and succeed Lim Boon Heng as chairman on Oct 9, the Ministry of Finance and Temasek announced on Friday (June 6).
In response to his appointment, Teo said he is looking forward to "build on the achievements of Temasek and chart a path for its continued success in the new global environment".
"As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends," he added.
Teo's appointment in Temasek comes after he retired from politics following the General Election in May.
Before helming the role of Senior Minister in 2019, Teo served as Deputy Prime Minister from 2009 and Coordinating Minister for National Security from 2011 till his retirement.
Dilhan Pillay Sandrasegara, Temasek Executive Director and CEO, said: "I'm pleased to welcome Mr Teo Chee Hean as our fifth chairman...His remarkable public service career across multiple domains speaks for itself," adding that Temasek can benefit from Teo's perspectives and extensive experiences.
Prime Minister Lawrence Wong, who is the Finance Minister, welcomed Teo as the incoming chairman and said: "I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment." Lim Boon Heng to step down as chairman
Lim will end his 12-year tenure as chairman and step down from the Temasek Board on Oct 9.
Since Lim was appointed chairman, Temasek's net portfolio value grew from $223 billion in 2014 to $389 billion in 2024.
PM Wong said: "I thank Mr Lim for his dedicated service at Temasek. Under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development."
As part of its board renewal process, Temasek also announced that deputy chairman Cheng Wai Keung and director Stephen Lee will retire from the board on June 30 after 14 years and eight years of service respectively. Bobby Chin, a director, will also retire on July 31 after serving for 11 years.
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jengjee.hoon@asiaone.com
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