Temasek to appoint Chia Song Hwee as co-CEO as part of leadership changes

SINGAPORE – Temasek deputy chief executive Chia Song Hwee will become co-chief executive of Singapore’s investment company with effect from Oct 1, 2025, as

part of a wider reorganisation

to sharpen its focus on key portfolio segments amid global uncertainty.

The 62-year-old, who joined Temasek in 2011, will work with current chief executive Dilhan Pillay to position the company for a changing global environment and to implement the new structure, Temasek said on Aug 28.

Under the restructuring, three wholly owned entities will be set up: Temasek Global Investments, which will oversee its portfolio of global direct investments; Temasek Singapore, which will manage its Singapore-based portfolio companies; and Temasek Partnership Solutions, which will oversee its partnerships, funds and asset management companies.

Mr Chia will also assume new appointments as chief executive of Temasek Global Investments and deputy chairman of Temasek International, Temasek Singapore and Temasek Partnership Solutions.

Meanwhile, Mr Pillay, 62, will be appointed chairman of Temasek International, Temasek Global Investments, Temasek Singapore and Temasek Partnership Solutions.

He will hold these appointments alongside his current role as executive director and chief executive of Temasek Holdings.

The changes will also see Mr Lee Theng Kiat, 72, step down as chairman of Temasek International.

Mr Nagi Hamiyeh, 56, who heads Temasek’s Europe, Middle East and Africa business and is based in Paris, will concurrently serve as president of Temasek Global Investments, while chief financial officer Png Chin Yee, 49, will also serve as president of Temasek Singapore.

“In this reorganisation, the constant is Song Hwee and me... What we want to do is to make sure that we test the next generation and prepare them to take leadership of this company and for them to chart the course for T2040,” said Mr Pillay, referring to Temasek’s 10-year road maps.

“I think the time has come now for us, the generation of T2020, to think about how this new generation works with us, takes us forward to T2030, and then charts the course for beyond that... I think this is as good a time as any to plan for it because of the changing world,” he added.

On succession, Mr Pillay said it was timely for both him and Mr Chia to prepare the next generation.

He noted that 50 per cent of Temasek’s 91 managing directors have been rotated to other roles to test out their abilities.

“One of the things which is quite critical is to make sure that we operate not just as a multinational management team, but a multicultural management team – cross-cultural traits and cross-cultural understanding are very important in a leader,” Mr Pillay said.

“One of the things I think is important for our leaders at the top is to be prepared to go outside of Singapore... That’s the way you get yourself immersed – you operate in a different environment, you learn about the competition that’s in that environment, and you bring back what you learn to Singapore.”

“We want a high-performing team, but we want a ‘One Temasek’ where people help each other as well – the behaviours you exhibit are super important,” he added.

Meanwhile, asset management group Seviora Holdings, a wholly owned subsidiary of Temasek, will also see changes to its board from Sept 1.

Mr Pillay will succeed Mr Goh Yew Lin as chairman, while new directors include Mr Timothy Dattels, senior adviser at TPG Global; Ms Deborah Ho, country head of BlackRock Singapore; Ms Chan Wai Ching, Temasek’s chief corporate officer; and Mr John Marren, Temasek’s vice-chairman for North America.

Mr Gabriel Lim, 49, who will take over as executive director and chief executive of Seviora Holdings on Sept 1, will work with the new board to deliver the group’s strategic priorities, including improving returns, growing assets under management and expanding investment solutions for investors.

Mr Lim was Temasek’s joint head of corporate strategy from October 2024 to April 2025, and was permanent secretary for policy at the Ministry of Trade and Industry before his role at Temasek.

Seviora Holdings, whose asset management companies include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital and SeaTown Holdings, will sit under the newly formed Temasek Partnership Solutions unit.

Mr Pillay said that Temasek Partnership Solutions is currently undergoing a review, and will not have a chief executive or president yet. Instead, it will be run by an operating committee that works together with Mr Lim.

Besides Seviora, Temasek’s co-investments and venture capital-focused arm Vertex Holdings is also included under Temasek Partnership Solutions.

Temasek has

a net portfolio value of $434 billion

 as at March 31, 2025. As one of three entities that manage Singapore’s reserves, it is a significant contributor to the Net Investment Returns Contribution (NIRC) framework, alongside sovereign wealth fund GIC and the Monetary Authority of Singapore. About 20 per cent of government spending in the Budget every year is funded by the NIRC.