Teo Chee Hean to Succeed Temasek Chairman in October

Lim Boon Heng will step down as chairman of Temasek Holdings in October 2025 after 12 years, with Teo Chee Hean, a former senior minister and experienced Singaporean politician, set to succeed him. Teo is scheduled to retire from politics in May 2025 after a 53-year public service career and will join Temasek’s board as deputy chairman on July 1 before becoming chairman on October 9. Under Lim’s leadership, Temasek’s net portfolio value grew from S$223 billion in 2014 to S$389 billion in 2024, with an expanded global presence and a focus on sustainability and leadership renewal. The board transition will also include the retirement of deputy chairman Cheng Wai Keung and directors Stephen Lee and Bobby Chin. Teo’s appointment is expected to bring strategic insight and experience as Temasek navigates a complex global environment. The leadership change reflects Temasek’s ongoing commitment to good governance and long-term prosperity.