SINGAPORE - Investment company Temasek is making its biggest management changes since Mr Dilhan Pillay took over as chief executive a year ago.

Chief financial officer (CFO) Leong Wai Leng will step down after more than 16 years in the role, with deputy CFO Png Chin Yee set to succeed her on Jan 1, according to a statement in response to a Bloomberg query.

The firm’s president Tan Chong Lee is stepping down to lead investment unit 65 Equity Partners, while general counsel Pek Siok Lan will go on sabbatical and take up a new role in July.

The management overhaul comes at a difficult time for investors including Temasek, which managed $403 billion as at March 31.

More than a fifth of its assets are based in China, which has had a challenging year due to Covid-19 restrictions and crackdowns on sectors including real estate and technology.

China’s benchmark stock gauge is down 26 per cent on the year.

Ms Png, who has worked at the firm since 2011, previously held China-focused leadership positions and headed the financial services portfolio.

Ms Leong will remain at the company as president of Singapore markets.

The changes are part of the “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”, a spokesman said in the statement. BLOOMBERG