Teo Chee Hean to succeed Lim Boon Heng as Temasek chairman on Oct. 9

Former Senior Minister Teo Chee Hean will join the board of state investor Temasek Holdings and take over as its fifth chairman.

Teo, 70, retired from politics in April 2025 and did not run in the recent general election.

He will first join as deputy chairman on Jul. 1, Temasek said on Jun. 6.

He will take over as chairman on Oct. 9 from Lim Boon Heng, 77, after the conclusion of Temasek’s third-quarter board meeting.

The news was announced alongside other changes to its board.

Advanced Singapore's interest

Temasek said in its press release that Teo had advanced Singapore’s interests in key areas, such as geopolitics, as well as navigated complex challenges both in Singapore and abroad during his 53 years in public service.

Teo served as the chief of navy prior to entering politics.

He served as deputy prime minister from 2009 to 2019.

He was Coordinating Minister for National Security from 2011 and was appointed Senior Minister in 2019.

Public service lauded

In a separate statement, Prime Minister 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.”

Temasek executive director and chief executive Dilhan Pillay Sandrasegara also said on Jun. 6 that Teo has had a “remarkable” public service career across multiple domains.

Teo's career in the navy began in 1972.

He became chief of navy before leaving the armed forces in 1992 for politics.

His first Cabinet role was as minister of state for finance and communications.

He later helmed ministries such as home affairs, defence, education and environment.

Lim an advocate of good corporate governance and sustainability"

In a press release on Jun. 5, 2025, the Ministry of Finance (MOF) thanked Lim for his 13 years of contributions since his appointment as chairman on Aug. 1, 2013.

Lim's term saw the state investor through the Covid-19 pandemic and its growth into a global investor, including in Europe and the U.S., which now host six of 13 of Temasek's international offices.

It was also during Lim's term that Temasek's net portfolio value grew significantly over a 10-year period, from S$223 billion in March 2014 to S$389 billion in March 2024.

Lim was noted to be an advocate of stakeholder capitalism, as well as of good corporate governance and sustainability.

During his chairmanship, Temasek was ranked first in Global SWF's Governance, Sustainability and Resilience (GSR) Scoreboard for two consecutive years in 2023 and 2024.

"His steward leadership has also led to a strong and trusted tripartite network for Temasek, its portfolio companies, workers, and the government", Temasek said.

In a statement, Lim expressed his gratitude to his fellow board members and his team at Temasek for their "strong sense of purpose and commitment to excellence".

"Together, we can navigate uncertainties and emerge stronger," he said.

Teo expressed his vision for his new appointment, saying, "Temasek understands that its long-term success requires both addressing today’s risks and opportunities and anticipating tomorrow’s trends."

"In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change", he added.

Other board changes

Temasek's board will also see a number of changes, namely the stepping down of current deputy chairman Cheng Wai Keung, and directors Stephen Lee and Bobby Chin.

Cheng has served as the deputy chairman since November 2013, while Lee and Chin have served on the board since July 2017 and June 2014 respectively.

Cheng and Lee will retire from the board on Jun. 30, 2025, while Chin will retire on Jul. 31, 2025.

Top image by Khoo Wen-en/Mothership