Peter Seah: Tan Su Shan Was the «Standout Candidate»
Incoming CEO Tan Su Shan was the «standout candidate» to succeed Piyush Gupta, according to DBS chairman Peter Seah, who spoke about the former’s extensive experience as well as domestic understanding.
Effective March 28, Tan Su Shan will become the CEO of DBS, Singapore’s largest bank, succeeding Piyush Gupta who held the role since 2009. In 2021, Gupta informed the bank’s board that he would retire after turning 65 years old which subsequently led to an expedited succession process.
Through engagement with an independent consultant, DBS benchmarked external candidates against internal ones using six key criteria: strategic vision, leadership and culture, domain knowledge, stakeholder management and communication, familiarity with technology and the future of work, as well as business-building ability.
«After thorough evaluations conducted by the Board and the independent consultant, Su Shan emerged as the standout candidate to succeed Piyush as CEO,» said DBS chairman Peter Seah in the bank’s annual report.
Business, Digital Experience
According to Seah, Tan had extensive experience leading DBS’ two customer-facing divisions – consumer banking and wealth management as well as institutional banking group (IBG) – which account for the lion's share of total income. She has also been pivotal in developing major digitalization initiatives such as DBS digibank, PayLah! and iWealth, revitalizing the IDEAL app, implementing an API suite for real-time digital banking and driving AI-related efforts.
«With a profound understanding of Singaporeans’ perspectives, a passion for flying the Singapore flag high, and a resonance with DBS’ core mission, she is poised to drive the bank’s continued success,» Seah added.
Thank You Note
Seah also expressed his appreciation for Gupta’s work at DBS which led it to become «one of Singapore’s most iconic institutions and a global financial powerhouse, with a [return on equity] that places us among the top-performing banks globally».
«Our strong performance reflects the structural changes Piyush has implemented over the past decade, especially the digital transformation and growth of high-ROE businesses such as wealth management, transaction services and treasury customer sales. He has built an enduring legacy through his visionary leadership, establishing the cornerstone for DBS to reach new heights in the years ahead,» Seah said.
«As we honor Piyush’s achievements, we look forward to a new chapter under Su Shan, who will succeed him in March 2025.»
