Singapore sovereign investor Temasek Holdings announced on Friday that Teo Chee Hean will be appointed Deputy Chairman effective July 1, 2025, and will succeed Lim Boon Heng as Chairman on October 9, 2025.
The leadership transition marks a significant moment in Temasek’s ongoing board renewal process.
Teo, a long-serving former Deputy Prime Minister and Coordinating Minister for National Security, brings over five decades of public service experience spanning national defence, cybersecurity, climate change, and economic strategy.
He will become Temasek’s fifth Chairman, following Lim Boon Heng’s 13-year tenure on the Board, including 12 years as Chairman.
As part of the board refresh, Deputy Chairman Cheng Wai Keung and Directors Stephen Lee and Bobby Chin will retire by end-July after nearly a combined three decades of service.
Temasek credited their global perspectives, governance expertise, and support for tripartism in shaping the company’s long-term investment and risk management approach.
Under Lim’s leadership, Temasek’s net portfolio value grew from S$223 billion in 2014 to S$389 billion by March 2024. The firm expanded internationally, adding offices across Europe and the U.S., and broadened its global advisory network.
Lim also championed the development of Temasek’s purpose statement — So Every Generation Prospers — and oversaw the introduction of the T2030 strategy and the 2024 Charter refresh.
Lim’s tenure was marked by a strong focus on corporate governance, sustainability, and workforce development.
During the COVID-19 pandemic, he guided Temasek’s contributions to public health and economic recovery through the Temasek Foundation and portfolio companies.
In 2024, the firm contributed S$150 million to its T-Spring initiative to future-proof Singapore’s workforce.
Teo’s appointment is expected to further strengthen Temasek’s strategic direction amid an evolving global investment climate.
His prior leadership on climate initiatives, including Singapore’s carbon tax and national decarbonisation strategies, as well as his efforts to strengthen cybersecurity and defence diplomacy, are seen as assets as Temasek deepens its focus on resilience and sustainability.
Temasek CEO Dilhan Pillay Sandrasegara said the organisation is well-positioned to continue its evolution as a forward-looking investor.
He praised Lim’s values-based leadership and welcomed Teo’s incoming guidance, noting the importance of clear governance and strategic foresight in navigating global uncertainty.
Business News Asia