Temasek Holdings CEO Ho Ching set to retire in October

Current Temasek International chief Dilhan Pillay Sandrasegara will step into the top job from then.

Temasek Holdings has appointed Dilhan Pillay Sandrasegara as its new Executive Director and CEO, after Ho Ching announced plans to step down on 1 October 2021, its board has advised.

Pillay will concurrently hold his post as CEO of Temasek International (TI) even as he takes over, when Ho Ching officially retires from Temasek Holdings and as a member of the Board.

“Leadership succession is a strategic responsibility of the Board. We have had in place an annual review since the early 2000s,” said Lim Boon Heng, chairman of Temasek Holdings. “This is to enable the Board to be prepared for all eventualities, with various succession options over different time horizons.”

At the beginning of Ho Ching’s leadership (she was appointed CEO in 2004) Temasek’s portfolio stood at S$90 billion, with assets mostly in Singapore. The portfolio has since tripled to over S$300 billion, despite the impact of the Global Financial Crisis and COVID-19.

Dilhan, who is an established corporate lawyer, joined Temasek 10 years ago. In that time, he has played key roles as Head, Americas, based in New York and later as chief of Temasek International.

Temasek International is the commercial arm of Temasek, meant to drive the investor role of the company. As its CEO, Dilhan has been responsible for managing the investment and portfolio activities.

“As CEO of Temasek Holdings, Dilhan will have the responsibility for the Stewardship role of Temasek, particularly in respect of Temasek’s Constitutional responsibilities to safeguard its own past reserves, as a Fifth Schedule entity,” Lim noted.

Meanwhile, Lee Theng Kiat will also retire from his executive role, but will remain as a non-executive member of the Temasek Board as well as the non-executive chairman of Temasek International.

“We are delighted that Theng Kiat will remain as a non-executive member of the Temasek Board, and continue as non-executive Chairman of TI,” Lim said.

“This will provide continuity during this leadership renewal, as well as allow us to continue to tap on his experience as a business builder, as well as his commercial network.”