• Dilhan Pillay succeeds Lee Theng Kiat as CEO
• Lee Theng Kiat takes over as Chairman

Singapore, 19 March 2019 - Temasek is pleased to announce its leadership succession at Temasek International Pte Ltd, the wholly owned management and investment arm of its parent company Temasek Holdings Pte Ltd.

Dilhan Pillay SANDRASEGARA, 55, will succeed LEE Theng Kiat, 65, as Chief Executive Officer of Temasek International, with effect from 1 April 2019.

Mr Lee will take over from Ms HO Ching as Chairman, Temasek International, on the same date.

As CEO of Temasek International, Mr Sandrasegara will be responsible for the role of Temasek as an active investor and shareholder. He will also oversee the operations of the firm, and the organisation of its talent and resources to deliver sustainable long term returns for Temasek.

As Chairman of Temasek International, and concurrently an Executive Director of parent company, Temasek Holdings, Mr Lee will be overseeing the development of Temasek as a forward looking institution, and will work closely with Mr Sandrasegara on commercial strategies and portfolio matters.

Mr Sandrasegara has held various leadership appointments in Temasek since 2010, including leading its Investment and Portfolio Management Groups, and overseeing the US and Americas market teams. He also initiated and led the Enterprise Development Group, to build new longer term growth engines for the firm through innovation, and to seed or develop new enterprises with the potential to be domestic, regional or global champions.

Mr Sandrasegara has also been an active participant in various public policy consultations and engagement forums, drawing on the legal experience from his earlier career in corporate law, mergers and acquisitions, corporate governance, and his extensive business network across the world.

Incoming Chairman of Temasek International, Mr Lee, announced the succession at a staff briefing this afternoon. He said: “I am pleased today to let you all know that Dilhan will be taking over from me from 1 April 2019.  Let me also say that he has the full support of our senior team, and the Temasek Holdings Board.

“We have been working for some time to build a strong leadership bench in Temasek, and I know Dilhan will bring his vision and passion for our mission to his new role.  I look forward to working with Dilhan in his role as the new CEO.”

Mr Lee added: “Dilhan has the ability to connect the dots, a keen eye for details and practical solutions, and a boldness to break new ground in anticipation of longer term trends. He also has the support of his peers and colleagues to take the lead and reshape Temasek to be more ready to invest into a better, smarter and more connected world, and in a new environment with cyber threats and technological opportunities.”

Mr Sandrasegara shared: “The Temasek of today is a very different one to that which I joined, almost a decade ago. Today, we have a more global portfolio and diversified workforce; and we have actively transformed our portfolio from its Singapore origins, to one which is growing strongly with Singapore and Asia. In the recent decades, we have also tapped on longer term opportunities outside Asia.”

 “The world is much more connected now. We look at global trends, invest across the world, and are constantly adapting ourselves to stay relevant. We are a builder of businesses, and more importantly, talent.”

“I am fortunate that we have a team in Temasek with a strong sense of purpose and a commitment to integrity and excellence. These are built on the foundation laid by many generations of dedicated staff, including Ho Ching and Theng Kiat. I look forward to working together with the team to take Temasek into the future.” he said.

Commenting on the leadership appointments within Temasek International, Ms Ho Ching, CEO of Temasek Holdings, said: “Temasek needs to be ready for disruptive challenges and opportunities in the decade ahead. The demands on our three roles as investor, institution and steward have also increased in tandem with our portfolio growth, breadth and coverage. The Temasek Board, together with Theng Kiat and I, are pleased that the future leadership team of Temasek is well in place.”

“I’m also very glad that Theng Kiat has agreed to take over as Chairman of Temasek International, to support and guide Dilhan and his team. This will provide steady continuity amidst active change to fulfil Temasek International’s key roles as an active investor and a forward looking institution.”

Mr Lee concluded: “Our purpose is to deliver sustainable long term returns. This aligns well with our broader role as a trusted steward. By doing well as an investor and doing right as an institution, we create a capacity in Temasek to do good for our communities.”

Temasek’s portfolio has more than doubled from S$103 billion in 2005, to reach S$266 billion a decade later on 31 March 2015, anchored largely in Singapore and Asia. The portfolio rose to S$308 billion by March 2018.

As at 31 March 2018, two thirds of the underlying exposure of the Temasek portfolio was in Asia - including Singapore (27%) and China (26%). Outside Asia, 22% of the underlying portfolio exposure was to emerging technological trends and opportunities in US and Europe - up from 17% in 2015.

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More about Dilhan Pillay SANDRASEGARA

Dilhan joined Temasek in September 2010 and is currently Deputy Chief Executive Officer, Temasek International Pte. Ltd.

Since joining the firm, Dilhan has held various leadership roles, including as the Head of our Investment, Portfolio Management, and Enterprise Development Groups. He has also led various market teams including Singapore, the US and Americas.

Dilhan is a proactive champion of change and innovation both in and outside of Temasek. He initiated the Enterprise Development Group to build new longer term growth engines, and focus on early-stage, innovative opportunities. He played an instrumental role in setting up initiatives such as Heliconia Capital (a partnership with the Singapore Ministry of Finance to invest in promising Small and Medium Enterprises with regional potential), and Clifford Capital (a specialist provider of project and/or infrastructure financing both in and outside of Asia). He has driven and supported initiatives in early-stage investing (including the reconstitution of Temasek’s venture capital arm, Vertex Ventures, into a global platform), Temasek’s support for the early stage ecosystem in Singapore and Southeast Asia, and the firm’s investments in companies with promising disruptive business models.

Dilhan also contributes actively to the public domain.  These include his membership in the Future Economy Council, an initiative by the Singapore Government to oversee future skills and innovation efforts to prepare for potential technological and/or economical disruptions and opportunities. He also sits on the Financial Centre Advisory Panel of the Monetary Authority of Singapore, and the boards of the National Research Foundation (NRF) and Enterprise Singapore.

Prior to Temasek, Dilhan was the Managing Partner of Wong Partnership LLP, one of the largest law firms in Singapore with clients in Singapore and the region. He practised law for over 20 years in the areas of mergers and acquisitions, corporate governance and general corporate law.

He graduated from the National University of Singapore with a Bachelor of Laws degree, and obtained a Master of Law degree from the University of Cambridge.

More about LEE Theng Kiat

Theng Kiat joined Temasek in April 2012 and is currently Deputy Chairman & Chief Executive Officer, Temasek International Pte. Ltd.

As CEO of Temasek International responsible for the investor role of Temasek, Theng Kiat was instrumental in repositioning Temasek to address new technology enabled opportunities, adding Europe and the USA as key investment destinations, as well as adding depth and diversity to Temasek’s Asia centric portfolio. He played a key and steady role in mentoring the younger leadership in the firm.

Prior to joining Temasek, Theng Kiat was the founding President and Chief Executive Officer of ST Telemedia since 1995. He successfully led ST Telemedia as a significant mobile communications and global intellectual property/data services group. Under his leadership, ST Telemedia expanded its footprint in the Asia Pacific region, the Americas and Europe.

Prior to ST Telemedia, Theng Kiat held various senior level positions in the Singapore Technologies Group, overseeing its legal and strategic business development functions. Theng Kiat served in the Singapore Legal Service for over eight years before joining the Singapore Technologies Group.

Theng Kiat holds a Bachelor of Laws (Honours) degree from the National University of Singapore.

More about HO Ching

Ho Ching joined Temasek in 2002, and is currently Executive Director and Chief Executive, Temasek Holdings Pte Ltd. She is also Chairman, Temasek International Pte. Ltd, the investment management arm of Temasek responsible for the investor role of Temasek. She is concurrently overseeing the stewardship role of Temasek as CEO of Temasek Holdings.

Since assuming the CEO position, Ho Ching has grown Temasek from a Singapore-focused firm into an active investor in Asia and the world. Today, Temasek is recognised as a model of good governance, transparency and professional competence among state-owned investment companies.

Before joining Temasek, Ho Ching was President and Chief Executive Officer of the Singapore Technologies Group. She is credited with repositioning and growing the group during her tenure – including the formation and listing of Singapore Technologies Engineering, the largest listed defence and engineering company in Asia in 1997.

Ho Ching is a Distinguished Engineering Alumnus of the National University of Singapore, and a Fellow of the Academy of Engineering Singapore. She was awarded the Singapore Public Administration Medal, Silver in 1985 and the Public Service Star in 1996 for her contribution to public service.

More about Temasek

Temasek is an investment company with a net portfolio value of S$308 billion as at 31 March 2018.

Our Temasek Charter roles as an investor, institution and steward, shape our investment stance, ethos and philosophy, to do well, do right and do good.

Our investment themes centre around longer term trends:

• Transforming Economies
• Growing Middle Income Populations
• Deepening Comparative Advantages
• Emerging Champions

We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more connected world.

Headquartered in Singapore, we have 11 offices around the world: Beijing, Hanoi, Mumbai, Shanghai and Singapore in Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and Sao Paulo outside Asia. 

For more information on Temasek, please visit www.temasek.com.sg

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