Singapore ― Outgoing chief executive of Temasek Holdings, Ho Ching, will be stepping down from the board on Friday (Oct 1).
Mdm Ho, who is also the wife of Prime Minister Lee Hsien Loong, said she has been “very much” a part of the leadership succession process after being in the company for 17 years.
“She has been very active, working over the years to identify various potential successors both inside and outside of Temasek,” said Temasek Holdings chairman Lim Boon Heng referring to Mdm Ho.
Her retirement was announced earlier this year in February, with Mr Lim noting that Mdm Ho had “led Temasek through a remarkable period of transformation.”
The company announced that its portfolio was at S$90 billion when Mdm Ho was appointed CEO in 2004. Since then, it has tripled to over S$300 billion, even through the 2007-2008 Global Financial Crisis and the Covid-19 pandemic.
In 2020, Mdm Ho made it to number 30 on Forbes’ list of the World’s Most Powerful Women. She has kept a spot on the list for the past 16 years.
“We have evolved from a relatively passive owner of the shares in former Government-owned companies in Singapore to a globally-recognised and respected investor, forward-looking institution and trusted steward,” said Mr Lim.
“Perhaps above all else, Ho Ching will be recognised for her unwavering commitment to build Temasek as a trusted steward, committed to the highest standards of integrity and governance.”
Taking over the role is Temasek International CEO Dilhan Pillay Sandrasegara.
Mr Dilhan joined Temasek coming from a major law firm as a leading corporate lawyer.
As the CEO of Temasek International, he was responsible for the investor role of the company, managing its investment and portfolio activities, reports noted.
“As CEO of Temasek Holdings, Dilhan will have the responsibility for the stewardship role of Temasek, particularly in respect of Temasek’s constitutional responsibilities to safeguard its own past reserves, as a Fifth Schedule entity. The board looks forward to working with him, as the owner of those responsibilities and will support him and his team in whatever ways needed,” said Mr Lim.
Mdm Ho said she was happy to be passing the role to Mr Dilhan.
“They are highly dedicated and driven, methodical and passionate, but always with a heart for the larger good, always trying to make a difference, especially for the less fortunate and those in need,” she said, describing the Temasek team.
Executive director of Temasek Holdings, Lee Theng Kiat, will also be retiring beginning Oct 1. /TISG