Teo Chee Hean

SINGAPORE — Former Singapore Senior Minister and Deputy Prime Minister Teo Chee Hean (picture) will become the fifth chairman of Temasek Holdings effective Oct 9, the state investment company announced Friday.

Temasek said he will succeed Lim Boon Heng, who will step down from the Temasek Board after serving as chairman for 12 years.

Teo will join Temasek’s board of directors as deputy chairman on July 1.

The company said Teo, a former political stalwart, has advanced Singapore’s interests, including in critical areas such as geopolitics, cybersecurity and technology, climate action, as well as defence and security.

“In a rapidly changing world, his wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company,” Temasek said in a statement.

Teo, a core member of Singapore’s third-generation political leadership team, served as Deputy Prime Minister from 2009 to 2019 and as Senior Minister from 2019 until he stepped down from politics in May 2025.

Teo said he looks forward to working with the company to build on the achievements of Temasek and to chart a path for its continued success in the new global environment.

“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,” Teo said in the statement.

Meanwhile, Temasek said that under Lim’s chairmanship, its net portfolio value grew from S$223 billion in March 2014 to S$389 billion in March 2024.

The company also expanded its footprint across Europe and the US, which now host six of its 13 international offices.

Lim said he is pleased that Teo will guide Temasek into its next chapter of growth as a global investor.

“His remarkable depth of experience in public service, combined with his seasoned wisdom on both local and global affairs, makes him the right helmsman for Temasek as we navigate increasingly choppy waters while remaining true to our purpose to ensure every generation prospers,” he said. — BERNAMA