Temasek Holdings, Singapore’s state-owned global investment firm, will witness a leadership transition as Chairman Lim Boon Heng steps down on October 9, 2024. Teo Chee Hean, a veteran Singaporean politician, will succeed him. The change is part of a broader board reshuffle.
Temasek Holdings Pte, one of the world’s largest state-owned investment companies headquartered in Singapore, is set to undergo a major leadership transition. Lim Boon Heng, who has served as Chairman since August 2013, will step down on October 9, 2024, and will be succeeded by Teo Chee Hean, a prominent former Singapore Cabinet minister.
The announcement was made by Temasek Holdings in an official statement on June 6, 2025. The transition includes additional board changes: Deputy Chairman Cheng Wai Keung and director Stephen Lee will exit on June 30, 2024, followed by director Bobby Chin’s retirement on July 31, 2024.
Teo, aged 70, will join Temasek’s board on July 1, 2024, initially as Deputy Chairman. His political career spans over three decades, having served as Deputy Prime Minister, and most recently as Senior Minister and Coordinating Minister for National Security. Teo retired from politics in May 2025.
Lim, 77, has been widely credited for strengthening board diversity and international representation at Temasek. During his tenure, he led the company’s CEO transition in 2021 and prioritized talent development and corporate governance.
Temasek’s net portfolio value surged from SGD 223 billion (USD 173 billion) in 2013 to SGD 389 billion (USD 301 billion) as of March 2024. The investment firm has expanded its global presence, now operating 13 offices worldwide, with six in Europe and the US.
The firm holds stakes in major global corporations, including BlackRock Inc., Alibaba Group, Mastercard Inc., Standard Chartered Plc, and Tencent Holdings.
Commenting on his new role, Teo stated,
In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change.”
Teo Chee Hean,
This transition marks a new chapter in the leadership of Temasek as it navigates increasingly complex global challenges while strengthening its global investment strategies.
