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Ho Ching to step down on Oct 1 as Temasek Holdings CEO and executive director

SINGAPORE — Over a decade after a highly publicised failed leadership transition, Temasek Holdings announced on Tuesday (Feb 9) that its chief executive officer Ho Ching will retire and be replaced by Mr Dilhan Pillay Sandrasegara with effect from Oct 1.

Mr Dilhan Pillay Sandrasegara (right) will succeed Ms Ho Ching as executive director and chief executive officer of Temasek Holdings.

Mr Dilhan Pillay Sandrasegara (right) will succeed Ms Ho Ching as executive director and chief executive officer of Temasek Holdings.

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SINGAPORE — Over a decade after a highly publicised failed leadership transition, Temasek Holdings announced on Tuesday (Feb 9) that its chief executive officer Ho Ching will retire and be replaced by Mr Dilhan Pillay Sandrasegara with effect from Oct 1.

Madam Ho, 67, who is also the state investment firm’s executive director, will step down from its board on the same date. 

Mr Pillay, 57, will succeed her as executive director and CEO of Temasek Holdings. He will concurrently hold his current appointment as CEO of Temasek International.

In a media statement, Temasek’s chairman Lim Boon Heng said that leadership succession is a strategic responsibility of the board and it had put in place an annual review since the early 2000s. 

“Ho Ching has been very much part of this process. Indeed, she has been very active, working over the years to identify various potential successors both inside and outside of Temasek," he said. 

"She has also played a key role in nurturing a strong leadership bench in Temasek, several of whom have gone on to CEO appointments beyond Temasek.”

He also paid tribute to her "many achievements" since she was first appointed CEO in 2004, including setting up philanthropic platforms to support public good and social causes.

"Perhaps above all else, Ho Ching will be recognised for her unwavering commitment to build Temasek as a trusted steward, committed to the highest standards of integrity and governance."

Mr Lim noted that Mr Pillay had joined Temasek 10 years ago as a leading corporate lawyer heading a major law firm "with a sense of mission and purpose".

“Since then, he has played several critical roles in Temasek, including a two year stint as Head, Americas, based out of New York."

Madam Ho, who is the wife of Prime Minister Lee Hsien Loong, said that she is happy to be passing the leadership baton to Mr Pillay at this time and has full confidence in him.

“I know Dilhan will take Temasek to the next level," she said.

"I have been privileged to be part of an incredible journey over these two decades at Temasek," she added.

“The one thing I am most proud of is the people of Temasek. They are highly dedicated and driven, methodical and passionate, but always with a heart for the larger good, always trying to make a difference, especially for the less fortunate and those in need."

Mr Pillay said he was honoured to take on the new appointment. 

“In continuing our mission to generate long term sustainable returns beyond our current generation, core to our success will be our commitment to build a better, more sustainable world."

In 2009, Temasek's attempt to hand over the reins to former BHP Billiton head Chip Goodyear fell through. The firm had attributed it to “differences regarding certain strategic issues that could not be resolved”.

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Temasek Holdings Ho Ching Dilhan Pillay Sandrasegara CEO

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