Lim Boon Heng to take over as Temasek Chairman from S. Dhanabalan

SINGAPORE - Mr S Dhanabalan, the longest serving Chairman of Temasek, will be stepping down from the position with effect from August 1, 2013.

Taking his place will be Mr Lim Boon Heng, 65, who joined the Temasek Board as Director June 1, after a career spanning both the private and public sectors.

Mr Dhanabalan, 75, has accepted the Temasek Board's request to continue after his retirement in an honorary advisory role with Temasek Holdings.

Mr Dhanabalan has helmed the Temasek Board since September 30, 1996. Prior to joining the Temasek Board, Mr Dhanabalan contributed significantly to the transformation of Singapore through decades of public service, and later on in his political career which included appointments as Minister in various Ministries such as Foreign Affairs, Culture, Community Development, National Development and Trade and Industry.

During his 17-year tenure on the Temasek Board, Mr Dhanabalan oversaw a period of active regional and international growth of major Singapore companies in the Temasek portfolio, the Ministry of Finance (MOF) said.

He also shaped the transformation of Temasek, guiding its growth from a $70 billion portfolio in March 1997 to a $215 billion portfolio as of March 31, 2013.

His successor Mr Lim was Secretary-General of the National Trades Union Congress (NTUC) from 1993 to 2006, and held several Cabinet positions in the Singapore Government from 1993 to 2011.

These include as Second Minister for Trade and Industry and Cabinet Minister in the Prime Minister's Office.

MOF expressed its deep appreciation to Mr Dhanabalan for his many years of contributions as Chairman of Temasek, and welcomed Mr Lim Boon Heng as Temasek's fourth Chairman.

Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, said: "Under Mr Dhanabalan's leadership over the past two decades, Temasek has seen significant transformation. It has developed in its role as an active, value-oriented investor, and has delivered good, long term returns. Having known and worked with Mr Dhanabalan for more than 20 years, I know his intellect, humility and deep sense of integrity will leave a permanent legacy at Temasek."

"I would also like to welcome Mr Lim Boon Heng as the incoming Chairman. I am confident that Mr Lim, who has had a strong track record of leadership in varied roles, will capably succeed Mr Dhanabalan in leading Temasek as it charts the course for its next phase of development in an evolving and challenging global environment."

More on Mr Lim's background on next page:

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