Singapore’s state investment company Temasek Holdings announced Tuesday that Ho Ching will retire from her position and role as chief executive and executive director on Oct. 1. Ho, the wife of Singapore’s Prime Minister Lee Hsien Loong, has been Temasek’s CEO since 2004. She will be succeeded by Dilhan Pillay Sandrasegara, currently CEO of the firm’s investment arm, Temasek International. Temasek is among the world’s largest investors. Its portfolio value stood at 306 billion Singapore dollars ($230 billion) as of March 31 last year.
Leadership succession at Temasek has been widely debated for a number of years. Ho had intended to step down in October 2009 but remained behind after Charles Goodyear, CEO-designate, left the company. Her current successor, Pillay, is an Indian-origin former business lawyer who entered the organization ten years ago. In 2019, he became CEO of Temasek International, overseeing the investment activities of the group. After becoming CEO of Temasek Holdings, Pillay will retain his position in the investment arm. In its early days, the company invested primarily in Singapore companies—but has since become a major global investor.
The company’s annual report in 2020 — the latest one available — showed that assets in China accounted for 29% of its portfolio. That was followed by Singapore at 24% and North America at 17%, the report said.