Temasek Holdings appoints a retired senior minister as its new chairman, marking a major leadership overhaul at Singapore's sovereign wealth fund.
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Temasek Holdings, Singapore's big investment company, is changing its top leader. A former government official who just retired will take over running the company's S$389 billion portfolio. The current leader is stepping down after 12 years of growing the fund's value.
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Do you think a leader with extensive public service experience is well-suited to manage a large sovereign wealth fund in today's complex global environment?
👍 👎 Vote ↓Singapore’s Temasek Holdings, announces a major leadership change with ex-Senior Minister Teo Chee Hean set to take over as Chairman, while long-serving Lim Boon Heng will retire by October 2025, and other top board members will also retire.
On 6 June 2025, Temasek Holdings announced large board changes.
As mentioned by MOF, Mr Teo Chee Hean will join the Temasek Board of Directors on 1 July 2025.
He will take the role of Deputy Chairman from that date.
He is scheduled to succeed Mr Lim Boon Heng as Chairman from 9 October 2025.
Mr Teo will be the fifth Chairman in the company’s history.
As MOF stated, Mr Teo Chee Hean will join Temasek Holdings’ Board of Directors as Deputy Chairman on 1 July 2025, and succeed Mr Lim Boon Heng as Chairman on 9 October 2025.
The board changes are part of the firm’s leadership succession planning.
Mr Teo Chee Hean, retired from public service in May 2025.
Before Temasek, he served in a number of key Cabinet positions.
He was Deputy Prime Minister between 2009 and 2019.
He held the role of Senior Minister from 2019 to 2025.
He served as Coordinating Minister for National Security for 14 years.
He also oversaw the Smart Nation and Digital Government Group and other groups under the Prime Minister’s Office.
Mr Teo brings deep experience in public service to the board leadership at Temasek.
Mr Lim Boon Heng will step down as Chairman on 9 October 2025.
He joined as Temasek’s Chairman on 1 August 2013.
Under his leadership, Temasek’s investment portfolio grew strongly.
The net portfolio value rose from S$223 billion in March 2014 to S$389 billion in March 2024.
He is also credited for good corporate governance and supporting sustainability at the firm.
As MOF stated, Under his leadership, Temasek established itself as a reputable global investor, with its net portfolio value growing from S$223 billion in March 2014 to S$389 billion in March 2024.
This board leadership renewal includes more changes.
Deputy Chairman Mr Cheng Wai Keung will also retire from the board.
Directors Mr Stephen Lee and Mr Bobby Chin will retire as well.
These retirements are part of a regular renewal process at Temasek Holdings.
| Name | Board Role | Retirement |
|---|---|---|
| Mr Lim Boon Heng | Chairman | 9 October 2025 |
| Mr Cheng Wai Keung | Deputy Chairman | 2025 |
| Mr Stephen Lee | Director | 2025 |
| Mr Bobby Chin | Director | 2025 |
The Ministry of Finance thanked Mr Lim Boon Heng for over a decade of service.
They acknowledged his focus on growing Temasek’s global presence and strong governance.
Mr Lawrence Wong, Prime Minister and Minister for Finance, also shared his views.
According to MOF, I thank Mr Lim for his dedicated service at Temasek. Under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development. I also welcome Mr Teo as the incoming Chairman. With his extensive experience in public service and deep understanding of Singapore’s strategic priorities, I am confident he will build on Temasek’s strong foundations, and steer its continued success in an increasingly complex global environment.
Mr Wong expressed confidence that Mr Teo Chee Hean will lead Temasek in a complex global environment.
Do you agree that Temasek’s leadership changes will help strengthen Singapore’s global investment position?
Do you think a leader with extensive public service experience is well-suited to manage a large sovereign wealth fund in today's complex global environment?
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