Temasek Holdings Pte said that its Americas President Boon Sim is leaving as the Singapore state investment firm appointed two new presidents in the latest management shuffle to help it navigate "challenging global times."
Chia Song Hwee and Dilhan Pillay have been named presidents and the firm will reallocate some functions across groups to strengthen the focus and improve collaboration, it said in a statement Tuesday. It will bring together its sector and market investment teams under a single Investment Group, create a new Portfolio Strategy and Risk Group, as well as a new Sustainability and Stewardship Group.
Temasek has been adjusting its management structure in recent months, with the appointment late last year of Lee Theng Kiat as chief executive officer of Temasek International, the management arm in charge of all staff other than the CEO and chief financial officer. The appointment on Oct. 1 was seen as a first step in the succession planning after Chief Executive Officer Ho Ching took a sabbatical last year.
“The changes we’re making position the organization to protect and work the Temasek portfolio, and continue to build capabilities as we grow,” Lee said in the statement Tuesday. “In the future, we may continue to add additional capabilities to the business, as Temasek grows its investment portfolio and global footprint. We are always looking to create new opportunities to attract talented people to Temasek.”
Lee was made director of the investment firm’s board from April 1.
Succession Planning
Sim, who was also head of Temasek’s markets group and head of its credit portfolio, according to the company’s 2015 annual review, is leaving May 1. He will become advisory senior director and continue helping the company strengthen its network in the U.S., serve on some boards and advise on projects, the company said in an e-mailed statement in response to Bloomberg queries.
Sim indicated a desire to relinquish his executive positions since the end of last year for personal and family reasons, Temasek said. He was hired in 2012 and was previously global head of mergers and acquisitions at Credit Suisse Group AG. He didn’t answer a call to his U.S. mobile phone seeking comment.
Temasek will also appoint Fidah Alsagoff, Michael Buchanan, Png Chin Yee and Juliet Teo as senior managing directors, it said. The appointments take effect on May 1.
There will be some changes in responsibilities among senior members of the team, the company said.
“We continue to preserve a strong partnership culture within our senior leadership team, leveraging our leaders’ complementary skillsets,” Lee said. “We are operating in challenging times, with many uncertainties in the global economy.”
--With assistance from Sebastian Tong To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net. To contact the editors responsible for this story: Stephanie Phang at sphang@bloomberg.net, Andreea Papuc
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