Singapore’s state investment firm Temasek Holdings has announced 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, after the conclusion of its third-quarter board meeting this year.
The firm said in a statement on Friday that as part of its board renewal process, Cheng Wai Keung, Deputy Chairman, and Stephen Lee, Director, will retire from the board on June 30, after nearly 14 years and 8 years of service respectively.
Meanwhile, Bobby Chin, Director, will also retire on July 31, after serving for 11 years.
As respected business leaders with diverse expertise, they have guided the company’s investment and portfolio management deliberations, said the statement.
It noted that their global perspectives on industry developments, tripartism, governance and risk management, have been instrumental in upholding Temasek’s reputation for sound stewardship and accountability.
According to the statement, Lim will step down from the Temasek board with effect from October 9, after serving 12 years as Chairman within his 13-year tenure as a Board Director.
Temasek highlighted that he has guided the firm’s global expansion and its contributions to the communities, especially during the COVID-19 pandemic, to build a more sustainable and inclusive world.
It noted that his leadership has also led to a strong and trusted tripartite network for Temasek, its portfolio
companies, workers, and the government.
Meanwhile, Teo is a former political stalwart whose leadership has advanced Singapore’s interests, including in critical areas like geopolitics, cybersecurity and technology, climate action, as well as defense and security.
During his distinguished 53-year career in public service, he navigated complex challenges both in Singapore and abroad.
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.
“In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change,
“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,” said Teo.
He added he looks forward to working with Temasek’s Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.
Teo served as Deputy Prime Minister from 2009 to 2019 and as Senior Minister from 2019 until he stepped down from politics in May 2025.
He also served, since 2011, as Coordinating Minister for National Security and oversaw the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division and the National Climate Change Secretariat in the Prime Minister’s Office.
He guided Singapore’s agencies to adopt a coordinated, whole-of-government approach to address complex issues such as population matters and climate change, including the formulation of practical decarbonization and net zero goals.
As Chairman of the Inter-Ministerial Committee on Climate Change, Teo also championed Singapore’s sustainability efforts.
Singapore developed comprehensive strategies to address climate change, including the National Climate Change Strategy in 2012 and the Climate Action Plan in 2016.
He also played a key role in the introduction of Singapore’s carbon tax in 2019, which aims to reduce greenhouse gas emissions by incentivizing businesses to adopt greener practices.
During his time as Coordinating Minister for National Security, he strengthened Singapore’s external and domestic security strategies to ensure that they are well integrated and forward looking.
He led the work to establish the Cyber Security Agency of Singapore (CSA) in 2015 to safeguard the nation’s cyberspace.
As Minister for Defense from 2003 to 2011, Teo served at the forefront of defense diplomacy through his interactions with international defense leaders.
He contributed significantly to building up the annual Shangri-La Dialogue, which has become the premier defense forum in the Asia-Pacific.
Teo’s leadership was also pivotal to the third-generation transformation of the Singapore Armed Forces (SAF).
He led the acquisition of advanced equipment for land, sea, and air combat and helped create an integrated and networked force.
As Minister for Home Affairs from 2011 to 2015, he spearheaded efforts to boost civil defense and internal security, especially in the wake of rising regional threats.
He also transformed the Home Team by accelerating the integration of technology to enhance police and civil defense responses.
“Teo’s 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,” said Lim.
Under Lim chairmanship, Temasek established itself as a global investor, with its net portfolio value growing from S$223 billion ($181 billion) in March 2014 to S$389 billion ($302 billion) in March 2024.
The company grew its footprint across Europe and the US, which now hosts 6 of its 13 international offices.