Former SM Teo Chee Hean to become Temasek chairman in Oct, succeeding Lim Boon Heng

From Cabinet to Temasek: Teo Chee Hean to be 5th Temasek chairman on 9 Oct

Former senior minister Teo Chee Hean will be the next chairman of Singapore state investment company Temasek Holdings.

He joins the board as deputy chairman on 1 July and will take over from outgoing chairman Lim Boon Heng on 9 Oct.

Teo Chee Hean ‘will bring valuable perspectives’: Temasek

Announcing the news in a statement and a Facebook post on Friday (6 June), Temasek said Mr Teo’s experience and strategic insights “will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company”.

The former political stalwart with a 53-year career in public service has navigated complex challenges in Singapore and abroad, and advanced Singapore’s interests in areas including geopolitics, defence and security, it added.

Temasek Chief Executive Officer Dilhan Pillay Sandrasegara welcomed Mr Teo as Temasek’s fifth chairman, calling his public service record “remarkable” and saying:

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.

Lim Boon Heng & 3 other board members to step down

Temesek also expressed gratitude to Mr Lim for his 13 years of service, including 12 years as chairman. During this time, he guided Temasek’s global expansion and its contributions to the communities to build a more sustainable and inclusive world, it said, adding:

His steward leadership has also led to a strong and trusted tripartite network for Temasek, its portfolio companies, workers, and the Government.

As part of board renewal, Temasek’s deputy chairman Cheng Wai Keung and a board director Stephen Lee will retire on 30 June. Another board director, Mr Bobby Chin, will step down on 31 July.

The three have served between eight and 14 years on the board.

Teo Chee Hean joins Temasek after decades in politics

Mr Teo, 70, said he looks forward to working with Temasek’s board, management team and the wider Temasek family to chart a path for its continued success in the new global environment, adding:

In an era of deepening global uncertainty, Temasek must remain clear-minded on critical matters such as international relations, security and climate change.

He also thanked Mr Lim, Mr Cheng, Mr Lee and Mr Chin for their service to Temasek.

Mr Teo served as Deputy Prime Minister from 2009 to 2019, and besides being Senior Minister, was most recently Coordinating Minister for National Security until retiring from politics last month.

He began his career in the Navy, eventually rising to Chief of Navy before joining politics in 1992.

His Cabinet roles spanned defence, education, home affairs and the environment.

Now, he’s stepping into a high-stakes financial role.

PM Wong welcomes Teo to Temasek

Prime Minister Lawrence Wong welcomed Mr Teo to Temasek in a press release by the Ministry of Finance.

Mr Wong, who is also Finance Minister, said he was confident Mr Teo would build on Temasek’s strong foundations and steer its continued success, due to his public service experience and “deep understanding of Singapore’s strategic priorities”.

The PM also thanked Mr Lim for his dedicated service to Temasek, crediting him with expanding its global presence and strengthening its governance, among other things.

Temasek looks to the future

Temasek has expanded its net portfolio value under Mr Lim’s leadership, growing from S$223 billion in March 2014 to S$389 billion in March 2024.

As global developments become less certain, the company is expected to focus on long-term sustainability, resilience and innovation.

“As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today’s risks and anticipating tomorrow’s trends,” Mr Teo said.

The institution plays a key role in Singapore’s fiscal framework through the Net Investment Returns Contribution, alongside the Government of Singapore Investment Corporation and the Monetary Authority of Singapore.

Temasek’s next phase, under Mr Teo’s chairmanship, will come at a time of mounting geopolitical risks, climate pressures, and volatile markets — challenges he appears keen to confront head-on.

Also read: PM Wong hails Teo Chee Hean’s 53-year legacy, netizens call him ‘a good man not out to fix the opposition’