SINGAPORE – Former Senior Minister Teo Chee Hean will assume the role of Chairman of Temasek Holdings, Singapore’s state investment firm, succeeding Mr Lim Boon Heng, who is set to step down on October 9, 2025.
Mr Teo will first join Temasek’s board as Deputy Chairman on July 1, before officially taking over leadership in October. Mr Lim has served as chairman for 12 years, guiding the firm through global expansion, the Covid-19 pandemic, and spearheading efforts in corporate governance and sustainability.
In a statement, Prime Minister Lawrence Wong expressed appreciation for Mr Lim’s leadership. “Under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development,” Mr Wong said.
Welcoming Mr Teo, the Prime Minister added: “With his extensive public service experience and deep understanding of Singapore’s strategic priorities, I am confident he will build on Temasek’s strong foundations and guide its continued success amid a complex global environment.”
Temasek CEO Dilhan Pillay Sandrasegara described Mr Teo’s public service career as “remarkable”, highlighting his vast experience across multiple domains. “We are privileged to benefit from his perspectives and look forward to his stewardship as we navigate future opportunities and challenges,” he said.
Mr Teo has been a central figure in Singapore’s third-generation leadership, having served as Deputy Prime Minister (2009–2019) and Coordinating Minister for National Security since 2011. Appointed Senior Minister in 2019, he began his career in the navy in 1972, rising to the rank of Chief of Navy before entering politics in 1992. He has held portfolios in finance, communications, home affairs, defence, education, and environment.
Temasek also announced that board members Mr Cheng Wai Keung, Mr Stephen Lee, and Mr Bobby Chin will retire in the coming months. Mr Cheng (Deputy Chairman) and Mr Lee (Director) will step down on June 30, while Mr Chin will retire on July 31. They have served nearly 14, 8, and 11 years respectively.
As of March 21, 2024, Temasek holds a net portfolio value of $389 billion, playing a significant role in Singapore’s Net Investment Returns Contribution (NIRC) alongside GIC and the Monetary Authority of Singapore (MAS).
Looking ahead, Mr Teo acknowledged the global challenges Temasek faces. “In an era of deepening uncertainty, Temasek must remain focused on key issues such as international relations, security, and climate change,” he said. “Its long-term success depends on addressing current risks and anticipating future trends.”
He added, “I look forward to working with the board, management, and the wider Temasek family to build on its achievements and chart a sustainable path forward.”