The White House announced in February 2023 that Mr Ajay Banga has been nominated by the President of the United States to be the next President of the World Bank Group. Accordingly, Mr Banga will be stepping down from the Temasek Holdings Board with effect from 30 April 2023.

Mr Banga was appointed to the Temasek Board on 1 October 2021.

“Ajay has actively contributed and provided his insights during his tenure as Board Director. On behalf of the Temasek Board and management team, we would like to express our appreciation and wish him all the best in his upcoming candidacy to be the President of the World Bank Group,” said Temasek Chairman, Mr Lim Boon Heng.