Lim’s retirement will be announced internally as soon as this week, the people said, asking not to be identified because the matter is private. The 77-year-old also recently stepped down from his position as chairman of Temasek Holdings Pte Ltd.
Lim couldn’t be reached for comment through the firm. NTUC Enterprise representatives didn’t immediately respond to a request for comment.
Lim has helmed NTUC Enterprise, a holding entity of a range of businesses from childcare to supermarkets, for over a decade. NTUC Enterprise reported revenue of S$8.2 billion (US$6.3 billion) in 2024. Over the past decade, it paid about S$253 million in dividends to shareholders.
NTUC Enterprise was recently embroiled in controversy.
In July 2024, German insurer Allianz SE said it planned to acquire a majority stake in Income Insurance from NTUC Enterprise in what would have been a S$2.2 billion deal. Critics complained that the sale could lead to higher insurance premiums and betray Income’s mission to help middle- to low-income Singapore workers.
Parliament passed an amendment to a bill in October 2024 that blocked the deal.
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Lim, a former minister in the Prime Minister’s Office, retired from politics in 2011.
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