Temasek Holdings Chairman S Dhanabalan will step down in August

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SINGAPORE – Mr S Dhanabalan will step down as Chairman of Government-owned investment company Temasek Holdings on Aug 1, after nearly 17 years in the role. He will be succeeded by former labour chief Lim Boon Heng, who joined Temasek’s board in June last year.

Announcing this at a media briefing this morning, Mr Dhanabalan thanked his “remarkable team of dedicated and capable colleagues … both on the board and among the management and staff of Temasek”, and expressed his confidence that they have what it takes to continue Temasek’s work.

“As is very often the case, success is never due to one person, but a whole team. I know that Temasek will continue its journey towards 2020 and beyond,” he said.

Mr Dhanabalan, 75, is the longest-serving Chairman in Temasek’s history, having headed the board since Sept 30, 1996. The company’s portfolio more than tripled under his charge, from S$70 billion in March 1997 to S$215 billion in March this year.

The former Cabinet Minister, who held appointments in the ministry of Foreign Affairs, Culture, Community Development, National Development and Trade and Industry, will remain an honorary advisor to Temasek.

In a letter, Prime Minister Lee Hsien Loong thanked the departing Chairman “for his leadership in Temasek and countless contributions to Singapore”.

“For half a century, you have served with distinction in the public service, political office and now Temasek. Throughout your career, you upheld the highest standards of integrity and probity, and demonstrated commitment, thoughtfulness and resilience. You are an exemplar to your successors, and an inspiration to all Singaporeans,” Mr Lee wrote in the letter.

The Prime Minister cited Mr Dhanabalan with reshaping Temasek’s investment strategy, helping steady the ship during the Asian Financial Crisis, the aftermath of the Sept 11, 2001 attacks, and the recent global financial crisis.

In a statement issued by the Ministry of Finance, Deputy Prime Minister Tharman Shanmugaratnam added: “Under Mr Dhanabalan’s leadership over the past two decades, Temasek has seen significant transformation. It has developed in its role as an active, value-oriented investor, and has delivered good, long term returns.

“Having known and worked with Mr Dhanabalan for more than 20 years, I know his intellect, humility and deep sense of integrity will leave a permanent legacy at Temasek.”

Temasek executive director and chief executive officer Ho Ching lauded Mr Dhanabalan’s inspirational leadership and mentorship, and highlighted his “strong moral compass”.

“All of us in Temasek – whether on our board or among our management and staff – benefitted tremendously from Dhana’s strong moral compass and wise counsel over the years. His personal values and professional principles embody the Temasek ethos,” she said.

Mr Lim, 65, will take Mr Dhanabalan’s place 14 months after first joining the Temasek board as Director on June 1, 2012. The former NTUC Secretary-General, Minister in the Prime Minister’s Office and Deputy Speaker of Parliament retired from politics in April 2011, a month ahead of the General Election.

Mr Dhanabalan said Mr Lim was one of those whom he had personally identified to succeed him, citing his experience in both the public and private sectors, as well as his “people-orientation and leadership experience” as the qualities he felt would be “of immense value and relevance” as Temasek’s chairman.

Mr Shanmugaratnam added in his statement: “I would also like to welcome Mr Lim Boon Heng as the incoming Chairman. I am confident that Mr Lim, who has had a strong track record of leadership in varied roles, will capably succeed Mr Dhanabalan in leading Temasek as it charts the course for its next phase of development in an evolving and challenging global environment.”

Mr Lim thanked his predecessor for his “sterling leardership, his outstanding public service and the remarkable transformation of Temasek during his tenure as chairman”.

Mr Dhanabalan, who revealed that he had originally set his retirement from Temasek at age 70, said that he has no “definite plans” after retiring as Temasek chairman. He added that he will probably be more active in his church and be involved in some institution that deals with people who are marginalised.

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