Temasek CEO Ho Ching to retire, Dilhan Pillay to take reins on Oct 1
She will hand over reins to Temasek International CEO Dilhan Pillay
Temasek Holdings chief executive Ho Ching will retire this year after 17 years in charge, handing over to Mr Dilhan Pillay, 57, who will take the helm on Oct 1.
The Singaporean is the chief executive of Temasek International, the commercial arm of Temasek driving its investments, and will continue to hold this position.
At a media briefing yesterday, Ms Ho said the organisation has a strong team of many individuals who have deep experience and deep convictions.
"It's not a team (of) 'yes men'. They do debate, and this is the strength that I see Dilhan has been able to do... where he brought (them) together to overcome individual thoughts or individual ideas, but pulled together the different strengths."
Ms Ho, 67, wife of Prime Minister Lee Hsien Loong, will retire from Temasek and step down from its board on the same date.
During her tenure at Temasek, the state investor's portfolio has more than tripled from $90 billion in 2004 to over $300 billion currently. It is a slight dip from the previous year, in light of the pandemic crisis that hit economies worldwide.
For example, Temasek had come to the rescue of Singapore Airlines last year, in which it is the largest shareholder.
While Temasek's portfolio used to be more focused in Singapore, it has diversified its exposure over the past two decades under Ms Ho's leadership.
The Republic now accounts for about 24 per cent of the investor's portfolio, as compared with more than 50 per cent in 2004. Meanwhile, its holdings in China have surpassed those at home.
Temasek chairman Lim Boon Heng noted that under Ms Ho, the investment firm has evolved from a relatively passive shareholder in former government-owned companies in Singapore to a globally recognised investor.
"It's hard to call out her many achievements, but perhaps above all else, she will be remembered for her unwavering commitment to build Temasek as a trusted steward, committed to the highest standards of integrity and governance," said Mr Lim.
Mr Pillay, a Cambridge-educated lawyer, joined Temasek in 2010 from law firm WongPartnership. He has more than 20 years legal experience, mainly focusing on mergers and acquisitions, corporate governance and corporate law. He has since played several key roles in Temasek, including a two-year stint as head of Americas, based in New York.
Mr Pillay said he is grateful to Ms Ho and Mr Lee "for laying down a strong foundation for Temasek as it navigates a world of continuous change, increasing complexity and ambiguity".
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