Ho Ching, PM Lee’s Wife, Will Step Down as Temasek Holdings’ CEO and Executive Director on 1 Oct


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After nearly two decades of heading Temasek Holdings, Mdm Ho Ching will be stepping down as its chief executive officer (CEO) and executive director on 1 October.

She is to be replaced by Mr Dilhan Pillay Sandrasegara, who is the current chief executive of Temasek International, the investment arm of Temasek Holdings. Mr Pillay will also continue as Temasek International’s CEO.

Temasek Holdings is one of the world’s largest institutional investors. This change in leadership comes at a time when Singapore continues to battle the pandemic, and the company continues to navigate the fallout from the coronavirus pandemic.

Mdm Ho, 67, who is the wife of Singapore’s prime minister Lee Hsien Loong, has helmed Temasek since 2004.

Temasek Holdings chairman Lim Boon Heng commented, “Leadership succession is a strategic responsibility of the board,” and that it had implemented an annual review since the early 2000s.

Mr Lim also elaborated on Mdm Ho’s role in Temasek, saying that she “has been very much of this process.” He cited her as being “very active, working over the years to identify various potential successors both inside and outside of Temasek,” as well as having “a key role in nurturing a strong leadership bench in Temasek, several of whom have gone on to CEO appointments beyond Temasek.”

“Perhaps above all else, Ho Ching will be recognised for her unwavering commitment to build Temasek as a trusted steward, committed to the highest standards of integrity and governance.”

Mr Lim also paid tribute to Mdm Ho’s “many achievements” as CEO, including setting up philanthropic platforms to support public good and social causes. He credited her for leading Temasek “through a remarkable period of transformation” and for propelling it to become “a globally recognised and respected investor, forward-looking institution and trusted steward.”

From being “a relatively passive owner of the shares in former government-owned companies in Singapore”, Mdm Ho’s appointment in 2004 pushed Temasek’s portfolio from $90 billion, which was mostly in Singapore, to more than triple.

Now, Temasek’s portfolio stands at more than S$300 billion, “notwithstanding the impact of the global financial crisis and now COVID-19.” Its holdings in China have surpassed those in its home market for the first time, and its exposure to North America has almost doubled from 10 per cent in 2016 to 17 per cent in 2020.

“She also passionately convinced and committed Temasek to play a leading role as a champion of sustainability,” said Mr Lim. “On behalf of the entire Board, I thank Ho Ching for her unwavering commitment to build a forward-looking institution of character and reputation.”

Mdm Ho Passes the Baton to Mr Pillay

Mdm Ho’s retirement comes at a crucial point in time. Song Seng Wun, an economist at CIMB Private Banking called it a “significant moment” both for Temasek and Singapore, and equally as important at other turning points in the country’s history, like political leadership changes.

Furthermore, Temasek is currently facing a rough patch. In 2020, it posted its worst shareholder returns in four years. The net value of its portfolio fell to S$306 billion in the 12 months to March 2020 from S$313 billion the previous year.

Yet, Song remains optimistic about the future, and does not expect any immediate changes to the way Temasek is run. “Singapore is very much about continuity; it gives investors that reassurance. And from the government’s standpoint, it also projects stability.”

Mdm Ho herself has also expressed her full confidence in Mr Pillay and her happiness to be passing on her leadership baton to him. “I know Dilhan will take Temasek to the next level,” she said.

“I have been privileged to be part of an incredible journey over these two decades at Temasek,” she spoke. She described Temasek as “a remarkable institution with deep roots in the ethos and founding values of Singapore”.


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“The one thing I am most proud of is the people of Temasek. They are highly dedicated and driven, methodical and passionate, but always with a heart for the larger good, always trying to make a difference, especially for the less fortunate and those in need.”

Each generation of staff at Temasek “was willing to make bold moves, try new ideas (and) push their boundaries”. Each was also “willing to lead by example, willing to sacrifice the short-term for the long-term and to demonstrate solidarity during times of crises and need”.

About Mr Pillay

Mr Pillay, 57, who has been in Temasek for a decade, has been widely seen as Mdm Ho’s probable successor after he was named head of Temasek International in 2019. Mr Lim described Mr Pillay as a leading corporate lawyer heading a major law firm “with a sense of mission and purpose”.

Mr Pillay, since his joining, has played “several critical roles” in Temasek, including a two-year period as head of the Americas, based out of New York. Prior to Temasek, Mr Pillay was a managing partner of Singaporean law firm WongPartnership, where he headed units such as the investment and portfolio management groups. He has also led market teams covering the US, Singapore, and the Americas.

In his newly-minted role as CEO of Temasek Holdings, Mr Lim said that Mr Pillay will steward Temasek, “particularly in respect of Temasek’s constitutional responsibilities to safeguard its own past reserves.”


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Mr Pillay expressed his honour in taking on this new role. “In continuing our mission to generate long-term sustainable returns beyond our current generation, core to our success will be our commitment to build a better, more sustainable world.”

“Our collective focus will be on doing right and doing good, even as we strive to do well, with conviction and purpose, as we continue to do things today with tomorrow clearly on our mind,” he pledged.

So, would we see more Facebook posts / shares from Ho Ching from 1 October 2021?

Featured Image: Facebook (HO Ching)