SINGAPORE (The Straits Times/ANN): Temasek Holdings announced on Tuesday (Feb 9) that its chief executive officer Ho Ching will retire from the state investment firm and step down from its board on Oct 1.
She will be succeeded by Temasek International CEO Dilhan Pillay.
Announcing the change, Temasek chairman Lim Boon Heng said: “Leadership succession is a strategic responsibility of the Board. We have had in place an annual review since the early 2000s.
This is to enable the Board to be prepared for all eventualities, with various succession options over different time horizons.
“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. 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.”
Lim also paid tribute to Ho Ching for her leadership roles in Temasek over nearly two decades.
“While there are some months to go before Ho Ching retires, the Board wishes to recognise that she has led Temasek through a remarkable period of transformation. We have evolved from a relatively passive owner of the shares in former Government-owned companies in Singapore to a globally-recognised and respected investor, forward looking institution and trusted steward.
“It is hard to call out Ho Ching’s many achievements, and there will be more time to do so before she retires later in the year.
“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.
“She has laid out and consistently applied the standards we expect of companies, and of ourselves as an owner.”