SINGAPORE - Sovereign wealth fund GIC has announced a slew of senior management changes, including the appointment of investment veteran Lim Chow Kiat as chief executive with effect from Jan 1.
Mr Lim is currently deputy group president and group chief investment officer.
He joined GIC in 1993 as a portfolio manager after graduating with a First Class Honours degree in accountancy from Nanyang Technological University (NTU). He developed GIC's investment capability in corporate bonds and rose to head the fixed income, currency and commodities department.
GIC also announced that group president Lim Siong Guan will retire, and be appointed adviser to the GIC Group Executive Committee on Jan 1.
"I am happy to be able to hand over the reins of leading GIC to Chow Kiat," said Mr Lim in a statement on Monday. "Chow Kiat comes with clear investment credentials to take GIC into the future and lead an organisation that is alert to new possibilities, faster in moving on opportunities, and nimble in execution.
"It has been my privilege to lead GIC since 2007, and to be able to make the changes along the way which now give us the confidence to take this next strategic move in the leadership and development of GIC."
Prime Minister Lee Hsien Loong, the chairman of GIC, said: "As group president since 2007, Mr Lim Siong Guan has made enormous contributions to GIC. He groomed a new generation of professional leaders, built up a fit and flexible organizational structure, and imbued the GIC team with sound values and ideals.
"Mr Lim's time at GIC coincided with an extremely challenging period for global markets. His leadership enabled GIC to work cohesively towards a shared and worthy goal - to steward and invest our foreign reserves wisely and prudently, for the benefit of present and future generations of Singaporeans."
PM Lee thanked Mr Lim on behalf of GIC's board and said it has "full confidence" in incoming chief executive Lim Chow Kiat.
The following appointments at GIC will also take effect on Jan 1:
- Dr Jeffrey Jaensubhakij will be the group chief investment officer, taking over from Mr Lim Chow Kiat. Dr Jaensubhakij will relinquish his current role as deputy group chief investment officer and president for public markets.
- Mr Lim Kee Chong will remain as deputy group chief investment officer and director of the integrated strategies group, and take on the concurrent appointment of President (Americas), based in New York.
- Mr Tay Lim Hock will be appointed deputy group chief investment officer and take on the concurrent appointment of President (Europe), based in London. He will also be adviser for private equity and infrastructure, and relinquish his current role as president of private equity and infrastructure.
- Mr Goh Kok Huat continues as chief operating officer, with his concurrent appointment as adviser for real estate. He will relinquish his current role as president of real estate.