Former Senior Minister Teo Chee Hean to step down from GIC’s board on June 30 after announcement of joining Temasek

SINGAPORE: Former Senior Minister Teo Chee Hean will be stepping down from GIC’s board of directors and as chairman of the GIC International Advisory Board on June 30, 2025, the sovereign wealth fund said on Tuesday (June 10).

This comes after a recent announcement from Temasek Holdings that Mr Teo will succeed Mr Lim Boon Heng as chairman of Singapore’s investment company on Oct 9. Before taking over, Mr Teo will first join Temasek’s board as deputy chairman on July 1.

Mr Teo has been with GIC for 14 years, starting as a director in December 2010 before becoming chairman of the International Advisory Board in April 2015.

In his time at GIC, he helped guide the fund through the aftermath of the global financial crisis, the COVID-19 pandemic, and accelerating technology and climate change, as well as rising geopolitical uncertainty, it stated.

GIC CEO Lim Chow Kiat said Mr Teo generously contributed his wealth of experience in public policy and global affairs to GIC. “His geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC,” he said.

He added that Mr Teo’s dedication to Singapore was another invaluable asset, helping GIC as a sovereign wealth fund to sharpen its investment discipline and organisational values. “On behalf of the board and GIC, I extend our deep appreciation for his service and wish him well in his future roles,” Mr Lim said.

Mr Teo left politics in May this year after serving as Deputy Prime Minister from 2009 to 2019 and later as Senior Minister. /TISG

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