[SINGAPORE] Former senior minister Teo Chee Hean will become chairman of Temasek Holdings in October, taking over from Lim Boon Heng, Temasek said in a statement on Friday (Jun 6).
The 70-year-old Teo will first join the state investment company’s board of directors as deputy chairman on Jul 1.
His appointment as chairman takes effect on Oct 9 – the same day that Lim will step down from the board, having served 12 years as chairman and 13 years as director.
Meanwhile, three other directors will retire over the next two months as part of Temasek’s board renewal, said Temasek in its statement.
On Jun 30, deputy chairman Cheng Wai Keung and director Stephen Lee will step down after nearly 14 years and 8 years respectively. Another director, Bobby Chin, will leave on Jul 31 after 11 years.
‘Inspirational’ leader
Under Lim’s chairmanship, Temasek grew as an international investor, with its net portfolio value ballooning to S$389 billion in March 2024, from S$223 billion in March 2014.
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Temasek also received several accolades, such as coming in top in the governance, sustainability and resilience scoreboard by Global SWF for 2023 and 2024.
Temasek’s chief executive officer and executive director Dilhan Pillay Sandrasegara said that Lim has been “inspirational” and “exemplifies what it means to be a steward leader”.
“Benefitting from his strong moral compass and wise counsel, we have strengthened our position as a globally recognised investment company, while remaining true to our Singapore roots and values,” he said.
Lim, a 77-year-old former Cabinet minister, said he has been privileged to work with a “capable, dedicated team unified by a strong sense of purpose and commitment to excellence” and thanked the outgoing directors for their contributions.
He added that he was “truly pleased” that Teo, who will be Temasek’s fifth chairman, will guide the company into its “next chapter of growth as a global investor”.
“His remarkable depth of experience in public service, combined with his seasoned wisdom on both local and global affairs, makes him the right helmsman for Temasek as we navigate increasingly choppy waters while remaining true to our purpose to ensure every generation prospers,” said Lim.
In the same statement, Teo thanked Lim and the soon-to-retire directors for their service to Temasek.
He added that he looks forward to working with Temasek’s board, management team and the wider Temasek family to build on the organisation’s achievements and “chart a path for its continued success in the new global environment”.
“In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change,” said Teo.
“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.”
Separately, Prime Minister and Minister for Finance Lawrence Wong thanked 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,” he said in a statement issued by the Ministry of Finance on Friday.
He also welcomed Teo as the incoming chairman, adding that he is confident Teo will build on Temasek’s strong foundations with his “extensive experience in public service and deep understanding of Singapore’s strategic priorities”.
Teo announced his retirement from politics on Apr 23 – shortly after nomination proceedings for the May 3 general election closed – marking an end to a career that spanned 33 years.
He was a core member of Singapore’s third-generation political leadership, having served as deputy prime minister from 2009 to 2019, and then as senior minister.
In that time, he was coordinating minister for national security and oversaw the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division and the National Climate Change Secretariat in the Prime Minister’s Office.
As chairman of the inter-ministerial committee on climate change, Teo took charge of Singapore’s sustainability efforts, including developing strategies and action plans.
He was defence minister from 2003 to 2011 and minister for home affairs from 2011 to 2015.
