Temasek shuffles executives, CFO appointed as Singapore head (update)

Temasek Holdings, the Singapore-headquartered investment firm, has announced a string of shuffles at the top level, Bloomberg reported. It stated that Leong Wai Leng, who has held the role of CFO for 16 years, will step down to be appointed as the firm’s Singapore market president. Deputy CFO Png Chin Yee will be elevated as the CFO from January 1.

Additionally, Tan Chong Lee, who has been with Temasek since 2011, will relinquish his current role as president, to head the firm’s investment platform – 65 Equity Partners. He will continue to have an advisory role at Temasek.

General counsel Pek Siok Lan will go on a sabbatical from January to July next year, and will assume a new role.

Earlier this year, Temasek said it would be expecting to slow down investments and remain cautious amid the turbulent market conditions.

In the 12 months ended March 2022, the firm’s shareholder returns were at only 5.8% – a stark contrast from the 24.5% it had returned to shareholders a year earlier.

See also: The investor’s gambit: Temasek launches its own startups

Update (Oct. 27, 12:30 p.m. SGT): This article was updated to include that CFO Leong Wai Leng will be appointed as the firm’s Singapore market president.