Ho Ching to retire simply because Temasek Holdings CEO, Dilhan Pillay Sandrasegara to dominate

Ms Ho Ching will retire as the chief executive officer (CEO) of Temasek Holdings and stage down from its table on Oct 1, the talk about investor said on Tuesday (Feb 9). 

Taking her place is certainly Mr Dilhan Pillay Sandrasegara, who will succeed her when CEO and executive director on the same day. 

"Leadership succession is a strategic responsibility of the table," said Temasek Holdings chairman Lim Boon Heng. "We have had set up an annual review because the early 2000s. This is to enable the table to be ready for all eventualities, with several succession options over different time horizons."

Mr Lim said Ms Ho "has been quite definitely part of the process". 

"Indeed, she has been very active, performing over the years to identify various probable successors both inside and outside of Temasek. She has also played an integral function in nurturing a solid leadership bench in Temasek, several of whom have eliminated to CEO appointments beyond Temasek," he said. 

Mr Lim described Mr Pillay as a recognised leading corporate lawyer, who joined up with Temasek a decade ago "with a feeling of mission and purpose".

He has since played "several critical roles" in Temasek, including a good two-year stint as mind of the Americas, based out of New York. In 2019, he was appointed CEO of Temasek International, where he was in charge of the investor function of Temasek, managing its expenditure and portfolio activities. Mr Pillay will stay on as Temasek International CEO after Oct 1.

In his new purpose as Temasek Holdings CEO, Mr Pillay will be responsible for the stewardship part of Temasek, "particularly according of Temasek's constitutional tasks to safeguard its past reserves", said Mr Lim.

In the announcement, Mr Lim paid out tribute to Ms Ho on her behalf leadership roles over almost two decades.

“While there are a few months to move before Ho Ching retires, the board wants to recognise that she's led Temasek through a remarkable period of transformation. We have evolved from a comparatively passive owner of the shares in former government-owned firms in Singapore to a globally recognised and respected investor, forward-looking organization and trusted steward.

"It really is hard to contact out Ho Ching’s various achievements and you will see more time to take action before she retires down the road in the year. Perhaps above all else, Ho Ching will end up being recognised for her unwavering determination to build Temasek as a reliable steward, dedicated to the highest benchmarks of integrity and governance. 

"She has laid out and regularly applied the benchmarks we expect of corporations, and of ourselves as an owner," Mr Lim stated. 

“Ho Ching believes we've a stake in the well-getting of our communities and the duty to exercise good stewardship through our contributions. Under her leadership, we setup Temasek Trust and Temasek Foundation as our philanthropic systems to support public good and cultural triggers in a sustainable fashion over time.

"She also passionately convinced and dedicated Temasek to play a leading role as a good champion of sustainability.

“On behalf of the complete Board, I thank Ho Ching on her behalf unwavering commitment to create a forward looking institution of personality and reputation,” Mr Lim added. 

When Ms Ho was first appointed CEO in 2004, Temasek's portfolio stood at S$90 billion, usually in Singapore. It possesses since tripled to a lot more than S$300 billion, "notwithstanding the affect of the global financial crisis and now COVID-19", explained Temasek in its news launch. 

Mr Lee Theng Kiat may also retire from his executive position at Temasek Holdings. He'll remain a non-executive person in the table and continue as non-executive chairman of Temasek International. 

"This will provide continuity in this leadership renewal, in addition to allow us to keep to tap in his experience as a business builder, together with his commercial network," stated Mr Lim. 

"FOCUS WILL Get ON DOING Best AND DOING GOOD": PILLAY

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

"I am especially grateful to Ho Ching and Theng Kiat for laying down a solid foundation for Temasek since it navigates an environment of continuous switch, increasing complexity and ambiguity. 

"In continuing our objective to create long-term sustainable returns beyond our recent generation, core to your success will come to be our commitment to create a better, more sustainable environment," he said. 

“Our collective concentration will be on doing proper and doing good, even as we strive to do well, with conviction and goal, as we continue steadily to do things today with tomorrow evidently on our head," he added.

Ms Ho said she was happy to come to be passing the leadership baton to Mr Pillay. She said Temasek is certainly a "remarkable organization with deep roots in the ethos and founding values of Singapore" and that she was "most pleased with" its persons, whom she referred to as "extremely dedicated and influenced, methodical and passionate, but always with a heart for the bigger good, usually trying to make a difference, specifically for the not as much fortunate and the ones in need". 

Each generation of folks at Temasek "was ready to make bold movements, try brand-new ideas (and) push their boundaries", said Ms Ho. Every generation was as well "ready to lead by example, willing to sacrifice the short-term for the long-term and to demonstrate solidarity during circumstances of crises and need". 

Mr Pillay and his group have "the same identity and sense of goal", she explained, adding that she knew Mr Pillay "will need Temasek to the next level".