Temasek appoints Tan Chong Meng as deputy chairman alongside new chairman Teo Chee Hean
Temasek Holdings has appointed former PSA International CEO Tan Chong Meng as its new deputy chairman from 9 October 2025, working alongside new chairman Teo Chee Hean. Outgoing chairman Lim Boon Heng will remain on the board as senior advisor to guide the leadership transition.
- Temasek Holdings appointed former PSA International CEO Tan Chong Meng as deputy chairman from 9 October 2025.
- Teo Chee Hean, former Senior Minister, takes over as chairman, succeeding Lim Boon Heng, who becomes senior advisor.
- The appointments coincide with Temasek’s major organisational restructuring and leadership renewal efforts.
SINGAPORE: Temasek Holdings announced the appointment of Tan Chong Meng, former Group Chief Executive Officer of PSA International, as deputy chairman of its board, effective 9 October 2025.
The announcement came in a press release issued on 8 October.
Tan will serve alongside Teo Chee Hean, who assumes the role of chairman on the same date.
Teo succeeds Lim Boon Heng, who will continue to serve the company as senior advisor to facilitate the transition and provide strategic counsel.
Temasek described Tan’s and Teo’s appointments as part of a planned leadership renewal that aligns with its recent corporate reorganisation and long-term strategy to strengthen governance and global reach.
Board leadership transition
Teo Chee Hean’s appointment marks him as Temasek’s fifth chairman.
His new role follows his retirement from active politics earlier this year.
Teo, 70, brings over five decades of public service experience, including tenures as Deputy Prime Minister, Senior Minister, and Coordinating Minister for National Security.
Temasek highlighted Teo’s contributions in defence, education, home affairs, and environmental policy, as well as his involvement in digital governance and climate initiatives.
His deep understanding of both domestic and global challenges is expected to guide Temasek through a period of economic and geopolitical change.
Tan Chong Meng’s extensive leadership record
Tan has been a non-executive director on Temasek’s board and a member of its Executive Committee since April 2024.
His appointment as deputy chairman builds on a four-decade career spanning trade, logistics, infrastructure, and energy.
He previously led PSA International as Group CEO for 12 years, overseeing its transformation into one of the world’s leading port operators.
Before PSA, he held senior positions in the Royal Dutch Shell Group, managing businesses across the United States, Europe, China, and Singapore.
Tan also chairs the National University Health System and serves on several national advisory bodies, including the Council of Presidential Advisers and the National University of Singapore Board of Trustees.
According to the Ministry of Trade and Industry, Tan stepped down as chairman of JTC Corporation on 30 June 2025, after more than six years of service.
In recognition of his national contributions, Tan was awarded the Meritorious Service Medal twice — in 2022 for his role co-chairing Singapore’s Emerging Stronger Task Force during the COVID-19 recovery, and again in 2025 for his contributions to industrial and healthcare development.
Temasek’s organisational restructuring and recent challenges
The appointments come amid Temasek’s significant corporate restructuring announced in August 2025.
The reorganisation introduced three new entities — Temasek Global Investments (TGI), Temasek Singapore (TSG), and Temasek Partnership Solutions (TPS) — to enhance operational focus and leadership succession.
CEO Dilhan Pillay described the shift as Temasek’s “4G transition,” positioning the firm for long-term sustainability.
Png Chin Yee now leads TSG, overseeing domestic investments such as DBS and Singtel, while Nagi Hamiyeh heads TGI, managing international portfolios. TPS remains under an interim leadership committee.
Despite these challenges, Temasek reported a 10-year total shareholder return of 5 per cent, below global benchmarks but reflective of its long-term investment approach.
Recent investment setbacks
Temasek has faced criticism in recent years over several failed investments.
Among these was its investment in Indonesian aquaculture startup eFishery, which reportedly suffered hundreds of millions of dollars in losses between 2018 and 2024, amid allegations of financial misrepresentation.
Another high-profile setback came with the collapse of cryptocurrency exchange FTX in 2023, which forced Temasek to write down its US$275 million investment.
