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Singapore's Temasek Holdings has announced that 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.
As part of state-owned investment firm’s board renewal process, deputy chairman Cheng Wai Keung and director Stephen Lee will retire from the board on June 30 after nearly 14 years and eight years of service, respectively. Director Bobby Chin 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. Their global perspectives on industry developments, tripartism, governance, and risk management have been instrumental in upholding Temasek’s reputation for sound stewardship and accountability, the company says.
Lim will step down from the Temasek board on October 9, after serving 12 years as chairman within his 13-year tenure as a board director. He has guided Temasek’s global expansion and its contributions to the communities, especially during the Covid-19 pandemic, to build a more sustainable and inclusive world. His leadership has also led to a strong and trusted tripartite network for Temasek, its portfolio companies, workers, and the government.
Under his chairmanship, Temasek established itself as a global investor, with its net portfolio value growing from S$223 billion in March 2014 to S$389 billion in March 2024. The company grew its footprint across Europe and the United States, which now hosts six of its 13 international offices. It also expanded its global advisory network, supplementing its Temasek International Panel ( TIP ) with three regional panels – the Temasek European Advisory Panel ( TEAP ) and the Temasek Americas Advisory Panel ( TAAP ) in 2016, and the Temasek Southeast Asia Advisory Panel ( TSEAP ) in 2023.
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 defence and security.
He 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.
