Zhang Zhixian will join Temasek s board of directors and replace Lin Wenxing as chairman in October
The statement pointed out that Lin Wenxing served as a director of Temasek for 13 years, of which 12 were chairman. "He guides the process of Temasek's global layout and leads Temasek's contribution community, especially during the COVID-19 pandemic, to create a more sustainable and inclusive world. Under his leadership, Temasek and its portfolio companies, employees and governments have formed a solid and trusted tripartite connection network."
The statement said that during Lin Wenxing's chairmanship, Temasek became a global investor, with the net value of the investment portfolio increased from 223 billion yuan in March 2014 to 389 billion yuan in March 2024.
Prince Huang said in a statement released by the Ministry of Finance on Friday: "Under the leadership of Lin Wenxing, Temasek has expanded its global influence, strengthened governance processes, and established its leadership in the field of sustainable development."
Lin Wenxing said that he is honored to work with a capable and dedicated team, and everyone is united and upholds a strong sense of mission and a unremitting spirit of pursuing excellence. He said: "I express my deep gratitude to my colleagues on the board and the Temasek team. We will continue to build resilience in Temasek, portfolio companies and ecosystems. We must work together to forge ahead in uncertainty and become stronger."
Prime Minister Huang also welcomed Zhang Zhixian as the new chairman and believed that Zhang Zhixian will create new glory on Temasek's solid foundation with his "rich public service experience and a deep understanding of Singapore's strategic priorities".
When referring to Temasek Chairman-elect Zhang Zhixian, the statement pointed out that as a former political leader in Singapore, he has led Singapore to advance development in key areas such as geopolitics, cybersecurity and technology, climate action, and national defense and security. In his 53 years of outstanding public service career, he has led Singapore to meet complex challenges at home and abroad. "The world is changing rapidly, and as Temasek grows and develops as a global investment company, his extensive and profound experience and strategic insight will provide Temasek with valuable perspective."
On the other hand, Prime Minister and Finance Minister Huang Xuncai also thanked Lin Wenxing for his dedicated service in Temasek.
He said that he looked forward to working with Temasek's board of directors, management team and the wider Temasek family to continue to successfully open up paths in a new global environment based on Temasek's existing achievements.
The company expands its footprint in Europe and the United States, with six of Temasek's 13 international offices located in these regions. The company has also expanded its global advisory network and added three regional advisory committees to the existing Temasek International Committee, namely the Temasek European Advisory Committee and the Temasek Americas Advisory Committee established in 2016, and the Temasek Southeast Asia Advisory Committee established in 2023.
Temasek Holdings announced that former State Counselor and National Security Coordinator Zhang Zhixian will join the board of directors as vice chairman on July 1, and will replace Lin Wenxing from October 9 to become Temasek's fifth chairman.
In addition, Chen Yuchong, who has served as a director for 11 years, will step down on July 31. "As highly respected business leaders, they have diverse professional experience in guiding the company's investment and portfolio management decisions. Their global perspectives on industry development, labor-management and government cooperation, corporate governance and risk management have played a crucial role in maintaining Temasek's reputation for conscientious governance and responsibility."
Temasek Holdings issued a statement on Friday (June 6) saying that as part of the board of directors’ renewal process, Vice Chairman Zheng Weiqiang and Director Li Qingyan will step down on June 30, and they served on the board of directors for about 14 and eight years respectively.
Zhang Zhixian said: "In this era of increasing global uncertainty, we must maintain a clear idea on key issues such as international relations, security and climate change. As an important Singaporean institution with an investment footprint around the world, Temasek is well aware that long-term success requires both grasping current risks and opportunities, as well as foreseeing future trends."
