Retired minister Teo Chee Hean will succeed Lim Boon Heng to become Temasek’s fifth chairman.
Teo will join Temasek’s board of directors as deputy chairman on July 1. He will take over as chairman on Oct 9, after the conclusion of Temasek’s third-quarter board meeting this year.
As part of Temasek’s board renewal process, Temasek’s deputy chairman, Cheng Wai Keung, as well as director Stephen Lee, will retire on June 30. Cheng retires after 14 years of service while Lee will have served for eight years at the time of his retirement.
Temasek will also see another director, Bobby Chin, retire on July 31 after serving for 11 years.
Chairman Lim will step down from Temasek’s board after serving for 12 years as chairman and 13 years as a board director.
Under his leadership, Temasek established itself as a global investor with its net portfolio value growing from $223 billion in March 2014 to $389 billion in March 2024. Under Lim’s tenure, Temasek grew its footprint across Europe and the US, which now hosts six of its 13 international offices.
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Lim also advocated for good corporate governance and sustainability with Temasek actively engaging its portfolio companies through forums like the annual Temasek Roundtable. Temasek’s annual Ecosperity conference, held since 2014, also brings together its key decision makers to share best practices and act on sustainable development.
In addition, Lim oversaw several initiatives such as building a strong and trusted tripartite network for Temasek, its portfolio companies, workers and the government, as well as strengthening Temasek’s contribution to its communities, especially under the Covid-19 pandemic.
Teo, who was a member of Singapore’s third-generation political leadership team, held several roles in the Cabinet during his tenure. He was deputy prime minister from 2009 to 2019. He then served as senior minister from 2019 before he stepped down from politics in May this year.
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“In my 13 years at Temasek, I have been privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence. I am always inspired by my colleagues' collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,” says Lim.
“My deep gratitude goes to my fellow board members and the Temasek team as we continue to build resilience throughout Temasek, our portfolio companies, and our ecosystem. Together, we can navigate uncertainties and emerge stronger,” Lim adds. “I especially thank Wai Keung, Stephen, and Bobby for their valuable contributions over the years, and I wish them every success ahead.”
Lim also welcomed Teo’s appointment, noting that he will “guide Temasek 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,” he says.
Teo also thanked Lim, Cheng, Lee and Chin for their “long, distinguished and invaluable service to Temasek”.
“In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change. 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 says.
“I look forward to working with Temasek’s Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment,” he adds.
Dilhan Pillay Sandrasegara, executive director and CEO of Temasek, called Lim an inspiration, noting he exemplified what it meant 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.”
“His championing of the Temasek Tripartite Conversations has been particularly meaningful. These dialogues have built important bridges between Temasek, our portfolio companies, and union representatives, creating a culture of trust and collaboration that fortifies the ecosystem with greater resilience,” he adds.
