SINGAPORE-Singapore-based state-owned investment firm Temasek Holdings announced the appointment of Chia Song Hwee as Co‑Chief Executive Officer, with effect from 1 October 2025. This appointment becomes a highly critical point in the ongoing transformation of the organisation to better navigate global uncertainties and prepare the next generation of leadership for the decades ahead.

The 62-year-old Chia, who has been Temasek’s Deputy CEO since 2011, will serve alongside the current CEO, Dilhan Pillay, in a co‑CEO structure that reflects a broader organisational strategy aimed at streamlining decision-making and focusing on key portfolio segments. The leadership change is part of a wider restructuring to position Temasek for long-term growth against an increasingly complex global investment backdrop.

Under the new structure, Temasek will form three wholly owned units: Temasek Global Investments, to manage the company’s global direct investment portfolio; Temasek Singapore, to manage its Singapore-based portfolio companies; and Temasek Partnership Solutions, which focuses on partnerships, funds, and asset management companies. Chia will be CEO of Temasek Global Investments and Deputy Chairman of Temasek International, Temasek Singapore, and Temasek Partnership Solutions. Pillay, meanwhile, will become Chairman of the units while retaining his position of Executive Director and CEO of Temasek.

Other notable appointments come within the extended management group: Nagi Hamiyeh, head of Temasek’s Europe, Middle East, and Africa operations, will double up as President of Temasek Global Investments. The CFO, Png Chin Yee, has been appointed additionally as President of Temasek Singapore. Gabriel Lim was named Executive Director and CEO of the asset management subsidiary Seviora Holdings, which is tasked with key strategic priorities such as growing assets under management and expanding investment solutions for clients.

“Temasek’s constant in this reorganisation is Song Hwee and myself,” said Pillay. “Our objective remains to test and prepare the next generation to take leadership and chart the course for T2040. This restructuring will guarantee continuity yet allow the company to respond proactively to a world that is changing at an unprecedented pace.” The development of a multicultural leadership team, cross-cultural understanding, and exposure to international markets are an essential part of leadership development, he added.

Chia brings with him a great deal of experience and insight into the operations of Temasek, its investment philosophy, and strategic priorities. Since he joined the firm in 2011, he has been instrumental in guiding Temasek’s investments globally and strengthening the resilience of its portfolio. His appointment reflects not only his proven track record but also the organization’s focused approach to succession planning in ensuring that its leadership is robust and future-ready.

The restructuring at Temasek is in line with its broader objective of sustainable and responsible investment. With a net portfolio value of $434 billion as of March 2025, Temasek is one of three entities entrusted with the management of Singapore’s reserves, alongside GIC and the Monetary Authority of Singapore. Its investments form a significant part of the NIRC, which finances about 20% of the Singapore government budget each year. The co‑CEO structure will better position Temasek to promote increased oversight and operational efficiency in various investment portfolios while continuing to ensure strategic congruence with national economic goals.

Apart from corporate restructuring, Temasek is also focused on fostering innovation and leveraging emerging opportunities, including areas in artificial intelligence, sustainable technologies, and cross-border partnerships. The leadership is committed to creating a high-performing team culture at the organisation, emphasizing collaboration, adaptability, and shared accountability under the “One Temasek” ethos.

Pillay emphasized that through a deliberate approach to leadership development, 50% of the 91 managing directors at Temasek have been rotated into new roles to test their capabilities. “It is important our leaders are exposed to operating beyond Singapore, into diverse markets, and return with perspectives that enhance our global outlook,” he added.

This appointment attests to Temasek’s confidence in Chia’s capabilities and vision while ensuring stability during this period of transformation.

This blend of operational experience, along with strategic oversight by Pillay, places Temasek in a good position to retain its competitive edge, develop future leaders, and position itself for a dynamic, connected global economy. The leadership team of Temasek is now ready to implement the new organizational structure and, therefore, will continue to be a forward-looking investment institution that combines operational excellence with strategic foresight to deliver sustainable returns for the benefit of Singapore and beyond.