Temasek grooms new leadership as Ho Ching returns to bigger role
SINGAPORE — Temasek Holdings chief executive officer Ho Ching will return from a six-month sabbatical at the end of this month. As one of three presidents, she takes on a bigger role seen as a first step in the succession planning of Singapore’s investment company.
SINGAPORE — Temasek Holdings chief executive officer Ho Ching will return from a six-month sabbatical at the end of this month. As one of three presidents, she takes on a bigger role seen as a first step in the succession planning of Singapore’s investment company.
Mr Lee Theng Kiat, the Temasek president who was in charge while Ms Ho was away, will become CEO of Temasek International (TI), the management arm in charge of all staff other than the CEO and chief financial officer, according to a statement on its website.
“The leadership transition has started,” said Mr Melvyn Teo, professor of finance at Singapore Management University. “It is unlikely that they will change their asset allocation and investment policy any time soon.”
Before Mr Lee joined Temasek in 2012, he was CEO of Singapore Technologies Telemedia, a telecommunications company owned by Temasek, and held other senior positions.
This would be the newest attempt to hand over the reins at Temasek, which oversaw S$266 billion as of March 31. The investment company had tapped former BHP Billiton head Charles “Chip” Goodyear to replace Ms Ho in 2009, but that was aborted because of differences in strategy.
Ms Ho, who will remain as CEO and executive director at Temasek, will take on the role of chairman for TI. The changes take effect tomorrow (Oct 1). She continues to oversee the investment firm’s stewardship role, including the constitutional responsibility to protect Temasek’s past reserves.
“As CEO of TI, Mr Lee will be responsible for Temasek’s role as an active investor and shareholder,” Temasek said in the statement. “He will oversee Temasek’s commercial strategies and portfolio, and build up the management and operational capabilities at TI to support the next phase of Temasek’s development.”
Ms Ho began her sabbatical in April following the surgery in February of her husband, Prime Minister Lee Hsien Loong, who was diagnosed with prostate cancer. BLOOMBERG