The wife of Singapore’s prime minister will step down after nearly 20 years as the boss of the country’s sovereign wealth fund.
Ho Ching will be replaced by her colleague Dilhan Pillay Sandrasegara in October as part of Temasek Holdings’ leadership succession plan. The 67-year-old, who is the wife of Prime Minister Lee Hsien Loong, was appointed CEO in 2004. Her salary was never disclosed.
“I know Dilhan will take Temasek to the next level. He brings solid values, a decade of experience in the firm, on top of a wealth of experience prior to joining Temasek,” she said in today’s statement. “More importantly, he has also brought fresh ideas that are essential to sustaining any organisation. I have full confidence in Dilhan and his team to transform Temasek once again, to be more than it is today.”
Dillhan joined the state-owned investor in 2010 and is currently the CEO of the company’s commercial arm, Temasek International. According to the company, Temasek’s portfolio grew to worth billions when Ho was in charge.
“Temasek’s portfolio stood at S$90 billion mostly in Singapore when Ho Ching was first appointed CEO in 2004. The portfolio has since tripled to over S$300 billion, notwithstanding the impact of the Global Financial Crisis and now Covid-19,” it said today. The company’s net portfolio was valued at S$306 billion (US$230 billion) as of March 31, 2020. In August, Temasek became one of the largest shareholders in BlackRock, which is the world’s largest asset management firm.
The company’s chairman Lim Boon Heng also paid tribute to Ho in today’s statement.
“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,” he said. “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.”
Ho, a colorful figure who’s stirred controversy with her sometimes intemperate social media musings, did not indicate her future plans.
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