SINGAPORE: Former senior minister Teo Chee Hean will succeed Mr Lim Boon Heng as the fifth chairman of Singapore’s investment company, Temasek Holdings, the company announced on Friday (June 6).
Mr Teo will first join Temasek’s board as deputy chairman on July 1, before taking over as chairman on Oct 9, after the company’s third-quarter board meeting this year.
Mr Lim served 12 years as chairman during his 13-year tenure as Temasek’s board director.
Under his leadership, Temasek’s net portfolio grew from S$223 billion in 2014 to S$389 billion in 2024. He led the company’s global expansion in Europe and the US and its community efforts during the COVID-19 pandemic. He also built strong ties between Temasek, its portfolio companies, workers, and the government.
“In my 13 years at Temasek, I have been privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence. I am always inspired by my colleagues’ collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,” he said.
Mr Teo, a former political stalwart, served as Deputy Prime Minister from 2009 to 2019 and later as Senior Minister until he left politics in May 2025.
Temasek said Mr Teo’s “wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company.”
“In this era of deepening global uncertainty, we must remain clear-minded on critical matters such as international relations, security, and climate change,” Mr Teo said.
“I look forward to working with Temasek’s board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment,” he added.
Mr Lim noted that Mr Teo’s depth of experience in public service and his seasoned wisdom on both local and global affairs make him the right helmsman for Temasek.
“I am truly pleased that Chee Hean will guide Temasek into its next chapter of growth as a global investor,” he added. /TISG
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