By Nick Hedley
Singapore’s Temasek, which has a S$403 billion (US$285 billion) investment portfolio, has reorganized its top management team following a recent organizational review.
Tan Chong Lee, currently the group’s president, will be transferred to 65 Equity Partners as CEO. 65 Equity Partners is a wholly owned subsidiary of Temasek’s that focuses on equity and structured equity investments.
After 16 years in the role, Leong Wai Leng will relinquish her position as chief financial officer and will become president of the Singapore market. She will “help shape and advance our strategic initiatives in Singapore, as well as our engagements with various Singapore stakeholders,” Temasek said in a statement.
Deputy CFO Png Chin Yee, who was previously head of the financial services portfolio, will assume the CFO role beginning January 1, 2023.
Meanwhile, Pek Siok Lan, general counsel, will be on sabbatical leave from January 2023 and will return to the firm in July 2023 to assume a new role.
“Temasek undertakes regular organizational reviews to evolve and align our organization[al] structure and capabilities towards our various strategic initiatives,” the firm said.
“This is also part of our disciplined way of succession planning for key leadership positions within the firm, which will see the evolution of the senior leadership team that will carry Temasek through our 2030 journey and beyond.”