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Leadership Succession and Board Changes at Temasek Holdings

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GIC & Temasek Holdings

6 June 2025

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  1. Mr Teo Chee Hean will join Temasek Holdings’ Board of Directors as Deputy Chairman on 1 July 2025, and succeed Mr Lim Boon Heng as Chairman on 9 October 2025.

Mr Teo Chee Hean

  1. Mr Teo Chee Hean will join Temasek after retiring from public service in May 2025. Prior to joining Temasek, Mr Teo had served in key Cabinet roles as Deputy Prime Minister from 2009 to 2019 and as Senior Minister from 2019 to 2025. He also served as Coordinating Minister for National Security from 2011 to 2025, 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 under the Prime Minister’s Office prior to stepping down from public service.

Mr Lim Boon Heng

  1. Mr Lim Boon Heng will step down from the Temasek Board with effect from 9 October 2025. Mr Lim had served as Chairman since 1 August 2013. Under his leadership, Temasek established itself as a reputable global investor, with its net portfolio value growing from S$223 billion in March 2014 to S$389 billion in March 2024. Throughout his tenure, Mr Lim has also been an advocate of good corporate governance and sustainability.

  2. The Ministry of Finance extends its appreciation to Mr Lim Boon Heng for his contributions as Chairman of Temasek, and welcomes Mr Teo Chee Hean as Temasek’s fifth Chairman.

  3. The Ministry of Finance would also like to take this opportunity to thank Mr Cheng Wai Keung, Mr Stephen Lee, and Mr Bobby Chin for their contributions as Deputy Chairman and Board Directors respectively. They will retire from their roles as part of the Temasek Board’s renewal process.

  4. Prime Minister and Minister for Finance, Mr 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.”

Issued by:

Ministry of Finance

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