The Singaporean lender responded to a shareholder query in its annual meeting about a potential successor for incumbent CEO Piyush Gupta.
Asia’s highest-paid banker – $8.5 million in 2019, up 2 percent – will retain his throne at the city-state’s largest bank, according to an online response to the query.
«[Gupta] is not on a contract, so he is not on a fixed tenure, and will continue to be CEO of DBS for the foreseeable future,» DBS said. «That said, like any organization which recognizes the importance of good governance, we take succession planning very seriously. In fact, succession planning is something we do not just for the CEO role, but for all senior management roles, and the plan is reviewed annually.»
Internal Pipeline
Despite no explicit plans to find Gupta’s successor, the bank highlighted other leadership moves that demonstrated smooth transition.
This includes the appointment of Tan Su Shan, former head of consumer banking and wealth management, to succeed the former head of institutional banking group Jeannette Wong. Tan was succeeded by Sim S. Lim, ex-Singapore country head; who was succeeded by Shee Set Koon, ex-head of strategy and planning; who was then succeeded by ex-Citi banker Han Kwee Juan.
«At DBS, we are committed to grooming talent from within,» the bank added. «This involves giving them exposure to new roles, whether in businesses or geographies.»
