Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng

Mr Teo Chee Hean will first join Temasek’s board as deputy chairman on July 1. PHOTO: ST FILE

Timothy Goh

UPDATED Jun 06, 2025, 01:00 PM

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SINGAPORE - Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Mr Lim Boon Heng who will be stepping down on Oct 9, 2025. Mr Teo will first join Temasek’s board as deputy chairman on July 1, before taking the helm in October.

Mr Lim has served as the chairman for 12 years, notably guiding Temasek’s global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability.

In a separate statement, Prime Minister Lawrence Wong said: “I thank Mr Lim for his dedicated service at Temasek - under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.

“I also welcome Mr Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore’s strategic priorities, I am confident he will build on Temasek’s strong foundations, and steer its continued success in an increasingly complex global environment,” added Mr Wong, who is also Finance Minister.

Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Mr Teo has had a “remarkable” public service career across multiple domains.

“I’m pleased to welcome Mr Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,” he said.

Mr Teo, a key figure in Singapore’s third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019.

He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics.

His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment.

Temasek also announced on June 6 that Mr Cheng Wai Keung, Mr Stephen Lee and Mr Bobby Chin will be retiring from the board in the coming months.

Mr Cheng, who is deputy chairman, and Mr Lee, a director, will step down on June 30 after nearly 14 years and eight years of service respectively. Mr Chin, also a director, will retire on July 31 after serving for 11 years.

Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending.

Mr Teo noted that in an “era of deepening global uncertainty”, Temasek 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,” he said.

“I look 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.”

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