The management overhaul comes at a difficult time for investors including Temasek, which managed $403 billion as of March 31. More than a fifth of its assets are based in China, which has had a challenging year due to Covid restrictions and crackdowns on sectors including real estate and technology. China’s benchmark stock gauge is down 26% on the year.
Png, who has worked at the firm since 2011, previously held China-focused leadership positions and headed the financial services portfolio. Leong will remain at the company as president of Singapore markets.
The changes are part of the “succession planning for key leadership positions within the firm, which will see the evolution of the senior leadership team that will carry Temasek through our 2030 journey and beyond,” a spokesperson said in the statement to Bloomberg.
