Temasek Chairman to Step Down After 12 Years, Teo to Succeed

(Bloomberg) -- Temasek Holdings Pte Chairman Lim Boon Heng is stepping down and will be succeeded by Teo Chee Hean, marking a significant shift in leadership at the Singapore state investor. 

Teo will replace Lim on Oct. 9, Temasek said in a statement on Friday. As part of the change, Deputy Chairman Cheng Wai Keung and director Stephen Lee will leave the board on June 30. Director Bobby Chin will also retire on July 31. 

Lim has been Temasek’s chairman since August 2013. His replacement, Teo, is a former Singapore Cabinet minister who retired from politics last month after more than three decades as an elected politician. The 70-year-old was most recently Senior Minister and Coordinating Minister for National Security. Earlier on, Teo was the country’s Deputy Prime Minister and has also overseen its defense, education and home affairs ministries.

Temasek is one of the biggest state-owned investment firms in the world. It grew its net portfolio value from S$223 billion ($173 billion) to S$389 billion in the 10 years through March 2024. It boasts a footprint across Europe and the US, which now hosts six of its 13 international offices.

“In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change,” Teo said in a statement. He will join Temasek’s board on July 1, initially as Deputy Chairman. 

Lim, who is 77, focused on talent development and oversaw the board’s renewal process, increasing its international representation. He also guided Temasek through its chief executive officer leadership transition in 2021, the company said. 

A prolific investor, Temasek is a backer of some of the biggest companies in the world including BlackRock Inc., Alibaba Group Holding Ltd., Mastercard Inc., Standard Chartered Plc and Tencent Holdings Ltd. as of March 2024. 

--With assistance from David Ramli.

(Updates with more details about Temasek.)

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