(July 23, 2013) – Lim Boon Heng will succeed Suppiah Dhanabalan as chairman of Temasek Holdings, the fund has announced. Lim will become the sovereign wealth fund’s fourth chairman effective as of August 1, 2013.
Dhanabalan, Temasek’s longest serving chairman, will retire after 17 years of leadership. During his tenure, the fund has grown from $55.44 billion in March 1997 to $170.3 billion as of this March.
Lim has been a member of Temasek’s board since June 1, 2012, and was unanimously elected to the top spot. He became familiar with “a number of Temasek portfolio companies over his career in the private and public sectors,” according to the fund.
He has also served as a board member of Singapore Airlines, and remains the deputy chairman of the Singapore Labor Foundation.
Lim started his career at Neptune Orient Lines where he led a push into the US shipping market. After 10 years with the shipping company, Lim left to join Singapore’s Parliament. He served as speaker from 1989 to 1991 and left politics in 2011.
Incorporated in 1974, Temasek manages Singapore’s sovereign wealth assets, and has 11 affiliates and offices elsewhere in Asia and in Latin America. The fund has returned 16% compounded annually since inception.
“Temasek is a key Singapore institution, and an Asia-focused investment house,” Lim said. “It has a portfolio of strong companies and a remarkable team of global talent. The energy and the drive of the management and staff are very impressive.”
Related Content:Tan Chong Lee, CIO & Co-Head (Americas), Temasek Holdings