Teo Chee Hean to succeed Lim Boon Heng as Temasek chairman from October
He will first join Temasek's board of directors as deputy chairman on 1 July, according to a press release issued by the state investment firm.
Teo will be Temasek's fifth chairman. His appointment follows his retirement from politics in April this year. He did not stand for re-election during the most recent General Election.
Temasek highlighted Teo's experience over 53 years in public service, including military and ministerial appointments, and noted his involvement in policymaking on issues such as national security, digital governance, and climate change.
Teo, 70, began his public service career in the Republic of Singapore Navy, rising to become Chief of Navy before entering politics in 1992.
He first contested in Marine Parade GRC and later represented Pasir Ris-Punggol GRC in Parliament until his retirement.
In Cabinet, he held portfolios in defence, education, home affairs, and the environment.
Between 2009 and 2019, he served as Deputy Prime Minister and subsequently as Senior Minister and Coordinating Minister for National Security until stepping down.
Temasek described Teo's strategic understanding of global and domestic issues as a valuable asset in a time of evolving global challenges.
Prime Minister Lawrence Wong, who is also Minister for Finance, acknowledged Lim Boon Heng's tenure, thanking him for his service.
He credited Lim with expanding Temasek's international presence, reinforcing governance standards, and promoting sustainability.
The Prime Minister also expressed support for Teo's appointment, citing his familiarity with Singapore's strategic priorities and public service record.
Lim, who has served as Temasek chairman since 2013, will retire after over a decade in the role. He joined the board in 2012, following his own retirement from politics in 2011.
His earlier public service included positions such as Minister in the Prime Minister's Office and Secretary-General of the National Trades Union Congress.
During Lim's chairmanship, Temasek's net portfolio value rose from S$223 billion (US$174 billion) in 2014 to S$389 billion (US$303 billion) in the latest financial year.
The company also expanded its global presence, with close to half of its 13 offices now located in Europe and the United States. Exposure to developed markets doubled over this period.
Temasek credited Lim with placing emphasis on leadership renewal and internationalisation, and for guiding the firm through a significant leadership change in 2021 when Dilhan Pillay succeeded Ho Ching as CEO.
Under Lim's leadership, Temasek also launched initiatives such as the Ecosperity conference and Tripartite Conversations, which aim to advance sustainability and collaboration across its investment ecosystem.
Temasek further acknowledged his role in shaping its T2030 strategy in 2019, a 10-year roadmap to build a resilient portfolio.
Reflecting on his term, Lim said he was privileged to work with a team focused on long-term value and purpose. He welcomed Teo's appointment, noting the value of his experience in guiding Temasek through evolving global conditions.
Lim remains the chairman of NTUC Enterprise Co-operative Limited.
In response, Teo expressed appreciation for Lim's contributions and said that the global climate today requires clarity on strategic priorities such as security, international relations, and sustainability.
He stated that he looked forward to supporting Temasek's leadership team in building on the company's achievements while adapting to the future.
CEO Dilhan Pillay described Lim as a steward leader whose principles helped define Temasek's identity. He also welcomed Teo, noting that his experience would be instrumental as the firm navigates global shifts.
Temasek also announced board retirements taking effect in the coming months.
Deputy chairman Cheng Wai Keung and director Stephen Lee will retire on 30 June after nearly 14 and 8 years of service respectively. Director Bobby Chin will step down on 31 July after 11 years.
Temasek said their contributions supported investment and portfolio decision-making and strengthened its global outlook on governance and risk.
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