Singapore’s state investment company Temasek Holdings said on Friday that former minister Teo Chee Hean will join its board of directors as deputy chairman on July 1, and succeed Lim Boon Heng to become its fifth chairman on October 9.
Teo served as Singapore’s deputy prime minister from 2009 to 2019 and as senior minister from 2019 until he stepped down from politics in May 2025, Temasek said in a statement.
He had also served, since 2011, as coordinating minister for national security, and was a formal naval officer.
Temasek said Teo’s leadership during a 53-year career in public service, has advanced Singapore’s interests in key areas from geopolitics and cybersecurity to climate action and defence and security.
Lim served as Temasek‘s chairman for a dozen years during his 13-year tenure as a board director, it added.
In that time, Temasek‘s net portfolio value grew to S$389 billion ($303 billion) in March 2024 from S$223 billion in the corresponding month a decade earlier, it said.
The firm also expanded its presence in Europe and the United States, which now hosts six of its 13 international offices.
“He has guided Temasek‘s global expansion and its contributions to the communities, especially during the COVID-19 pandemic, to build a more sustainable and inclusive world,” Temasek said.
Other board changes will see current deputy chairman Cheng Wai Keung and director Stephen Lee retire on June 30, it added, while director Bobby Chin will retire on July 31.
Reuters
