Following the completion of its third-quarter board meeting this year, Singapore's state investment giant Temasek Holdings announced that former minister Teo Chee Hean will join its Board of Directors as Deputy Chairman on July 1 and take over as its fifth Chairman on October 9 once Lim Boon Heng leaves.
As part of its board renewal process, the company announced that Stephen Lee, the director, and Cheng Wai Keung, the deputy chairman, will step down from their positions on June 30 after serving for eight and nearly fourteen years, respectively.
After 11 years in office, Director Bobby Chin will likewise resign on July 31.
They have influenced the company's investment and portfolio management decisions as well-known business executives with a wide range of specialties.
It stated that Temasek's reputation for responsible stewardship and responsibility has been maintained in large part due to its worldwide perspectives on industry trends, tripartism, governance, and risk management.
After 13 years as a Board Director, Lim will leave the Temasek board on October 9th, having served as Chairman for 12 of those years.
Temasek emphasized that in order to create a more sustainable and inclusive world, he has led the company's international growth and its community service initiatives, particularly during the COVID-19 pandemic.
It stated that under his direction, Temasek, its portfolio, businesses, employees, and the government now have a robust and reliable tripartite network.
Teo, on the other hand, is a former political mainstay whose leadership has pushed Singapore's interests, notably in crucial fields like military and security, cybersecurity and technology, geopolitics, and climate change.
Throughout his illustrious 53-year public service career, he successfully managed difficult situations both domestically and overseas.
His extensive experience and strategic ideas will be invaluable to Temasek as it develops and expands as a global investment firm in a world that is changing quickly.
The Singapore Armed Forces' (SAF) third-generation transition was also greatly aided by Teo's leadership.
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With its net portfolio value rising from S$223 billion ($181 billion) in March 2014 to S$389 billion ($302 billion) in March 2024, Temasek solidified its position as a worldwide investor under Lim's chairmanship.