Temasek Announces Fifth Chairman and Board Changes
Singapore state-owned investment company Temasek has announced the appointment of a new chairman and several other changes to the board.
Temasek has appointed Teo Chee Hean as deputy chairman, effective July 1, before later succeeding Lim Boon Heng to become its fifth chairman on October 9, according to a statement.
Teo has extensive experience in Singapore’s public services, serving as Deputy Prime Minister from 2009 to 2019 and senior minister from 2019 until stepping down from politics in May 2025. He previously also served as Minister for Defence from 2003 to 2011, Minister for Home Affairs from 2011 to 2015 and Coordinating Minister for National Security since 2011.
Lim was Temasek’s chairman for 12 years within his 13-year tenure as a board director. Under his chairmanship, the state-owned investment firm grew its net portfolio value from S$223 billion ($181 billion) in March 2014 to S$389 billion in March 2024 while expanding its footprint across Europe and the US.
Renewal Process
As part of Temasek's board renewal process, it also announced the retirement of deputy chairman Cheng Wai Keung and director Stephen Lee on June 30 as well as director Bobby Chin on July 31. Cheng, Lee and Chin served at the firm for 14 years, 8 years and 11 years, respectively.
«On behalf of the Board and everyone at Temasek, I express our gratitude to Chairman Lim Boon Heng, Deputy Chairman Cheng Wai Keung and Board Members Stephen Lee and Bobby Chin for their dedication and contributions over the years. We wish them well in their future endeavors. Temasek would not be where we are today without their guidance,» commented Dilhan Pillay Sandrasegara, Temasek executive director and CEO.
«At the same time, I’m pleased to welcome Mr Teo Chee Hean as our fifth Chairman. His remarkable public service career across multiple domains speaks for itself. We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead.»
