Editor’s Note: This article has been updated to include details from a Temasek statement released on Thursday morning.
Singapore’s Temasek Holdings’ chief financial officer Leong Wai Leng and president Tan Chong Lee are stepping down from their respective roles at the state investment firm, according to its statement on Thursday.
As part of a recent organisational review, Leong Wai Leng will relinquish her position as CFO after 16 years in the role and will be appointed as President of the Singapore Market.
General counsel Pek Siok Lan will also be stepping down to proceed on sabbatical leave from January 2023 and will return to the firm in July 2023 to assume a new role.
Bloomberg first reported the development.
President Tan Chong Lee will assume the role of CEO at 65 Equity Partners, a wholly-owned subsidiary of Temasek. 65 Equity Partners, which is focused on equity and structured equity investments, most recently invested S$150 million ($106 million) in immersive entertainment firm Cityneon Holdings.
Chong Lee will relinquish his current role as Temasek president but still remains connected with the firm in an advisory capacity.
Meanwhile, Leong will be replaced by deputy CFO Png Chin Yee effective from January 1 next year. Png has been with Temasek for 11 years and deputy CFO since early 2020. Prior to Temasek, Leong was deputy chief executive officer of Raffles Holdings. She has over two decades of experience in senior management positions before joining the Singaporean investment giant.
“Temasek undertakes regular organisational reviews to evolve and align our organisation structure and capabilities towards our various strategic initiatives. This is also part of our disciplined way of succession planning for key leadership positions within the firm, which will see the evolution of the senior leadership team that will carry Temasek through our 2030 journey and beyond,” it said in the statement.
The changes at Temasek are its biggest since Dilhan Pillay Sandrasegara took over as CEO last year. The state-linked investment firm, which has S$403 billion ($286 billion) worth of assets under its management, said in July that it would slow the pace of its investments as its Chinese investments took a hit amid the nation’s regulatory uncertainty and ongoing COVID restrictions.