Singapore state-owned investor Temasek Holdings has announced that its chief executive officer Ho Ching will step down from the helm from October 1, 2021.
Ho Ching, who is also the fund’s executive director, will retire from the post. She will be succeeded by Dilhan Pillay Sandrasegara, who is currently CEO of Temasek International. Pillay, a corporate lawyer by training, joined Temasek 10 years ago.
Ho Ching was appointed as Temasek’s CEO in 2004 when the state investor’s portfolio value was at S$90 billion and comprised mostly companies in Singapore.
As of March 31, 2020, Temasek’s portfolio value stood at S$306 billion. About 29% of its portfolio was invested in Singapore, and 25% invested in China. About 15% of Temasek’s portfolio is invested in Asia excluding Singapore and China, and 10% in North America.
Among its investments in China was Kuaishou Technology, the short video social platform that listed on the stock exchange in Hong Kong on Friday in a stellar market debut.
During its fiscal year ended March 31, 2020, Temasek invested S$32 billion and divested S$26 billion. Total shareholder return over a 10-year period was 5%; the one-year total return to shareholders was -2.28%.