Singapore: PonteSud – Charissa Swanepoel
Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Mr Lim Boon Heng, who will be stepping down on Oct 9, 2025.
Mr Teo will first join Temasek’s board as deputy chairman on July 1, before taking the helm in October.
Mr Lim has served as the chairman for 12 years, notably guiding Temasek’s global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability.
In a separate statement, Prime Minister Lawrence Wong said: “I thank Mr Lim for his dedicated service at Temasek – under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.”
Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Mr Teo has had a “remarkable” public service career across multiple domains.
Mr Teo, a key figure in Singapore’s third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019.
Temasek also announced on June 6 that Mr Cheng Wai Keung, Mr Stephen Lee and Mr Bobby Chin will be retiring from the board in the coming months.
Mr Cheng, who is deputy chairman, and Mr Lee, a director, will step down on June 30 after nearly 14 years and eight years of service, respectively. Mr Chin, also a director, will retire on July 31 after serving for 11 years.
Mr Teo noted that in an “era of deepening global uncertainty”, Temasek must remain clear minded on critical matters such as international relations, security and climate change.
“As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today’s risks and opportunities and anticipating tomorrow’s trends,” he 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.”
