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Tue, February 9, 2021 – 10:18 am
UPDATED Tuesday, February 9, 2021 – 11:36 am
TEMASEK Holdings CEO and CEO Ho Ching will be retiring from the group on October 1. It will also leave its board of directors on the same date.
Ms. Ho will be replaced by Dilhan Pillay Sandrasegara, who will continue to serve at the same time as her current appointment as CEO of Temasek International (TI), the commercial arm of Temasek Holding.
As Chief Executive Officer, Mr. Pillay will have responsibility for the management function of Temasek, particularly with respect to Temasek’s constitutional responsibilities to safeguard its own past reserves, as a Fifth Program entity.
Pillay, established as one of the top corporate attorneys heading a major law firm, joined Temasek 10 years ago, the state investor said in a press release Tuesday.
He served a two-year term as director of America, based in New York. In 2019, he took over as CEO of IT from Ms. Ho. He is responsible for Temasek’s role as an investor, managing its investments and portfolio activities.
Pillay said that Temasek has a strong leadership team, with diverse capacities, strengths and experiences. “By leveraging our Temasek ecosystem and our global network of relationships, I am confident that we are in a good position to seize opportunities and meet the challenges of today and tomorrow,” he added.
Temasek Holdings Chairman Lim Boon Heng said the board has conducted an annual review since the early 2000s to be prepared for all eventualities, with various succession options at different time horizons. Ms. Ho has been a part of this process and has worked for years to identify several potential successors both within and outside of Temasek.
Lee Theng Kiat, CEO of Temasek Holdings and Chairman of Tl, will also step down from his executive position at the same time. He will remain a non-executive member of the Temasek board and will continue as a non-executive chairman of TI.
Mr. Lim said: “This will provide continuity during this leadership renewal, as well as allow us to continue to leverage his experience as a business builder as well as his commercial network.”
Temasek’s portfolio stood at S $ 90 billion, mostly in Singapore when Ms Ho took over as CEO in 2004. Since then, it has tripled to more than S $ 300 billion, despite the impact of the global financial crisis and the Covid-19 pandemic, Temasek said.
Under his leadership, the group established the Temasek Trust and the Temasek Foundation as its philanthropic platforms to support the public good and social causes in a sustainable way over time.
Ms. Ho said: “Temasek is a remarkable institution with deep roots in Singapore’s founding values and ethics. I have had the privilege of being part of an incredible journey during these two decades in Temasek ”.
Mr. Lim noted that Ms. Ho has led Temasek through a “remarkable period of transformation.” It went from being a relatively passive owner of the shares of former state-owned companies in Singapore to a globally recognized and respected investor, forward-thinking institution and trusted manager, he said.
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