Latest news with #TeoCheeHean
Business Times
11-06-2025
- Business
- Business Times
Temasek chairman-designate Teo Chee Hean resigns from GIC board
[SINGAPORE] Former senior minister Teo Chee Hean will resign from GIC's board of directors and from his role as chairman of the GIC International Advisory Board, with effect from Jun 30. Teo, 70, has served on the board of Singapore's sovereign wealth fund for 14 years, GIC said on Tuesday (Jun 10). He was first appointed as a director in December 2010, and took on the role of chairman of the International Advisory Board in April 2015. The news comes days after it was announced that Teo would become chairman of Singapore's state investment company, Temasek. On Jun 6, Temasek said that Teo would take over the role from Lim Boon Heng from Oct 9. Teo will first join the company's board of directors as deputy chairman on Jul 1. Senior Minister Lee Hsien Loong, who is chairman of GIC, said in a letter of appreciation for Teo that 'there are good reasons why we have a strict policy not to allow directors to serve simultaneously on both the GIC and Temasek Holdings boards'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'At a time when GIC's task is more consequential and also more difficult than ever, I shall miss (Teo's) calm presence and thoughtful interventions at GIC board deliberations,' SM Lee said. During his tenure at GIC, Teo helped the sovereign wealth fund navigate significant developments including the aftermath of the global financial crisis, the Covid-19 pandemic, rapid technological and climate change, as well as rising geopolitical uncertainty, GIC said. Lim Chow Kiat, chief executive of GIC, said: '(Teo's) geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC.' Teo announced his retirement from politics on Apr 23. During his 33-year political career, he served as deputy prime minister from 2009 to 2019, and as senior minister from 2019 to 2025. He was the coordinating minister for national security as well, and oversaw four units in the Prime Minister's Office: the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division, and the National Climate Change Secretariat. He was defence minister from 2003 to 2011, and home affairs minister from 2011 to 2015.
CNA
10-06-2025
- Business
- CNA
Wealth Wise - Former Senior Minister Teo Chee Hean to take over Temasek Holdings
Wealth Wise Play 18 mins Temasek Holdings turns 51 this year and in October, former Senior Minister Teo Chee Hean is taking over as its new chairman. But what exactly is Temasek all about? Lance Alexander finds out more from Professor Lawrence Loh, Director of Centre for Governance and Sustainability at NUS Business School.
Business Times
10-06-2025
- Business
- Business Times
Teo Chee Hean resigns from GIC board
[SINGAPORE] Former senior minister Teo Chee Hean will resign from GIC's board of directors and his role as chairman of the GIC International Advisory Board, effective from Jun 30. Teo, 70, has served on the board of Singapore's sovereign wealth fund for 14 years, GIC said on Tuesday (Jun 10). He was first appointed as a director in December 2010, and took on the role of chairman of the International Advisory Board in April 2015. The news comes days after it was announced that Teo would become chairman of Singapore's state investment company, Temasek Holdings. On Jun 6, Temasek said that Teo would become take over the role from Lim Boon Heng. Teo will first join the company's board of directors as deputy chairman on Jul 1. Senior Minister Lee Hsien Loong, who is chairman of GIC, said in a letter of appreciation for Teo that 'there are good reasons why we have a strict policy not to allow directors to serve simultaneously on both the GIC and Temasek Holdings boards'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'At a time when GIC's task is more consequential and also more difficult than ever, I shall miss (Teo's) calm presence and thoughtful interventions at GIC board deliberations,' SM Lee said. During his tenure at GIC, Teo helped the sovereign wealth fund navigate significant developments including the aftermath of the global financial crisis, the Covid-19 pandemic, rapid technological and climate change, as well as rising geopolitical uncertainty, GIC said. Lim Chow Kiat, chief executive of GIC, said: '(Teo's) geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC.' Teo announced his retirement from politics on Apr 23. During his 33-year political career, he served as deputy prime minister from 2009 to 2019, and as senior minister from 2019 to 2025. He was the coordinating minister for national security as well, and oversaw four units in the Prime Minister's Office: the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division, and the National Climate Change Secretariat. He was defence minister from 2003 to 2011, and home affairs minister from 2011 to 2015.
CNA
10-06-2025
- Business
- CNA
Former Senior Minister Teo Chee Hean resigns from GIC board of directors
SINGAPORE: Former Senior Minister Teo Chee Hean has resigned from GIC's board of directors and as chairman of its international advisory board, effective Jun 30, said the sovereign wealth fund on Tuesday (Jun 10). Mr Teo, 70, retired from politics in April and did not contest in the recent General Election. Temasek Holdings announced last week that he will succeed Mr Lim Boon Heng as its fifth chairman. He will first join Temasek's board as deputy chairman on Jul 1, before taking the reins on Oct 9. Mr Teo served on the GIC Board for 14 years. He was first appointed as a director in December 2010 and assumed the role of chairman of its International Advisory Board in April 2015. 'During his tenure, Mr Teo helped GIC navigate significant developments including the aftermath of the global financial crisis, the COVID-19 pandemic, accelerating technology and climate change, as well as rising geopolitical uncertainty,' said GIC in a news release. In a letter to Mr Teo, Senior Minister and Chairman of GIC Lee Hsien Loong wrote: "On behalf of the board of directors, management, and staff of GIC, I wish to express our heartfelt appreciation for your invaluable contributions on the GIC board for 14 years." As a director, Mr Teo helped steer GIC's long-term investment strategy and policies, said Mr Lee. "Your insights on geopolitical developments and risks have guided GIC's global investment strategies and the development of its investment framework, as GIC responded to an increasingly complex global environment," he added. CEO of GIC Lim Chow Kiat added: "Mr Teo generously contributed his wealth of experience in public policy and global affairs to GIC. "His geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC." He added that Mr Teo's dedication to Singapore was an invaluable asset, helping the sovereign wealth fund to sharpen its investment discipline and organisational values. 'On behalf of the board and GIC, I extend our deep appreciation for his service and wish him well in his future roles.' Mr Teo made his political debut in 1992 when he was part of a People's Action Party team that contested and won a by-election in Marine Parade GRC. He then moved to contest Pasir Ris GRC during the 1997 polls and was subsequently re-elected in Pasir Ris-Punggol GRC five times. During his time in government, Mr Teo helmed the home affairs, defence, education and environment ministries, among other roles. A core member of Singapore's third-generation leadership team, he later served as deputy prime minister between 2009 and 2019 before being appointed as senior minister. The political veteran also held the role of coordinating minister for national security from 2011 and oversaw other portfolios, such as the Smart Nation and Digital Government Group and the National Climate Change Secretariat, until he stepped down from politics.
Independent Singapore
07-06-2025
- Business
- Independent Singapore
Former DPM Teo Chee Hean to take over as Temasek chairman in Oct, succeeding Lim Boon Heng
Photo: Facebook/Temasek SINGAPORE: Former senior minister Teo Chee Hean will succeed Mr Lim Boon Heng as the fifth chairman of Singapore's investment company, Temasek Holdings, the company announced on Friday (June 6). Mr Teo will first join Temasek's board as deputy chairman on July 1, before taking over as chairman on Oct 9, after the company's third-quarter board meeting this year. Mr Lim served 12 years as chairman during his 13-year tenure as Temasek's board director. Under his leadership, Temasek's net portfolio grew from S$223 billion in 2014 to S$389 billion in 2024. He led the company's global expansion in Europe and the US and its community efforts during the COVID-19 pandemic. He also built strong ties between Temasek, its portfolio companies, workers, and the government. 'In my 13 years at Temasek, I have been privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence. I am always inspired by my colleagues' collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,' he said. Mr Teo, a former political stalwart, served as Deputy Prime Minister from 2009 to 2019 and later as Senior Minister until he left politics in May 2025. Temasek said Mr Teo's 'wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company.' 'In this era of deepening global uncertainty, we must remain clear-minded on critical matters such as international relations, security, and climate change,' Mr Teo said. 'I look forward to working with Temasek's board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment,' he added. Mr Lim noted that Mr Teo's depth of experience in public service and his seasoned wisdom on both local and global affairs make him the right helmsman for Temasek. 'I am truly pleased that Chee Hean will guide Temasek into its next chapter of growth as a global investor,' he added. /TISG Read also: Warren Buffett to step down as CEO by year-end, hands Berkshire Hathaway reins to Greg Abel
