Temasek Holdings has announced the appointment of Mr Teo Chee Hean as its fifth chairman, succeeding Mr Lim Boon Heng. Mr Teo, who retired from politics in April and did not stand in the recent General Election, will join Temasek’s board as deputy chairman on 1 July. He will formally assume the role of chairman on 9 October following the conclusion of the company’s third-quarter board meeting.
A seasoned public servant with more than five decades of service, Mr Teo, 70, previously served as Singapore’s Chief of Navy before entering politics in 1992. His political career began with a by-election victory in Marine Parade GRC and continued through multiple successful terms in Pasir Ris-Punggol GRC. Over the years, he held senior ministerial roles, including Deputy Prime Minister from 2009 to 2019 and Senior Minister thereafter. He also served as Coordinating Minister for National Security and led key national initiatives involving digital transformation and climate policy.
Temasek cited Mr Teo’s deep expertise in geopolitics and complex policy matters, noting his strategic acumen in managing cross-agency challenges. The firm expressed confidence that Mr Teo’s leadership would be instrumental in navigating an increasingly volatile global environment while sustaining its growth as a global investment house.
Prime Minister and Finance Minister Lawrence Wong paid tribute to Mr Lim’s contributions and welcomed Mr Teo’s appointment. Mr Wong commended Mr Lim for enhancing Temasek’s global reach, reinforcing governance standards, and positioning the company as a sustainability leader. He expressed confidence in Mr Teo’s ability to build on these foundations.
Mr Lim Boon Heng, 77, has chaired Temasek since 2013, following a distinguished public service career including roles as Minister in the Prime Minister’s Office and Secretary-General of the National Trades Union Congress. He joined Temasek’s board in 2012 and has played a pivotal role in shaping its global trajectory. Under his leadership, the firm’s net portfolio value grew from S$223 billion (US$174 billion) in March 2014 to S$389 billion in the most recent financial year.
During his tenure, Temasek expanded significantly across developed markets in Europe and the United States, which now account for nearly half of its 13 international offices. Mr Lim also led the firm through a critical leadership transition in 2021, with Mr Dilhan Pillay assuming the role of CEO from Mdm Ho Ching. He placed strong emphasis on talent development and international representation, aligning with the company’s broader strategy.
Temasek credited Mr Lim for strengthening corporate governance and promoting sustainability through initiatives such as the Temasek Roundtable and the Ecosperity conference series. He also spearheaded Temasek’s social initiatives during the COVID-19 pandemic and played a vital role in shaping its T2030 strategy, a decade-long roadmap focused on resilience and long-term value creation.
Reflecting on his 13-year journey at Temasek, Mr Lim expressed gratitude for the opportunity to work with a dedicated team committed to excellence. He expressed his confidence in Mr Teo’s leadership, noting his profound understanding of both domestic and international issues.
In response, Mr Teo acknowledged Mr Lim’s stewardship and emphasised the need for clarity and foresight in an era marked by global uncertainty. He reaffirmed Temasek’s commitment to addressing both present and future challenges while sustaining its mission to generate long-term value for Singapore and beyond.
Mr Pillay praised Mr Lim’s leadership, describing him as a model of stewardship and a unifying force across Temasek’s ecosystem. He credited Mr Lim for fostering a culture of trust through initiatives like the Temasek Tripartite Conversations and welcomed Mr Teo’s appointment as a strategic step forward for the firm.
In addition to the chairmanship transition, Temasek announced the upcoming retirements of three long-serving board members. Deputy Chairman Cheng Wai Keung and Director Stephen Lee will step down on 30 June, while Director Bobby Chin will retire on 31 July. Their combined expertise in governance, investment strategy, and industry developments has significantly shaped the company’s decision-making and global positioning.
Temasek, which celebrated its 50th anniversary last year, has evolved from managing a S$354 million portfolio of Singapore-based companies to becoming a globally recognised investment firm with a multibillion-dollar footprint.
-CNA
