Ho Ching, who is the wife of Prime Minister Lee Hsien Loong, will step down as CEO and executive director of Temasek Holdings effective Oct 1, according to the state investment firm.

She will be succeeded by Dilhan Pillay Sandrasegara, who will assume both roles on the same date, the state investment firm adds.

In addition to his new roles, Dilhan will continue to be CEO of Temasek International.

Temasek’s announcement of Ho’s resignation will not be the first time.

In 2009, Temasek said that Charles Chip Goodyear will replace Ho as CEO on Oct 1 that year.

Get the latest Singapore corporate news stories for FREE

Goodyear was formerly the boss of Australian mining company BHP Billiton.

However, he pulled out barely six months after accepting the post at Temasek.

According to the state investment firm, Goodyear decided not to assume the role due to differences over strategy.

Ho, who was appointed CEO in 2004, had then continued in the role and as executive director of Temasek.

In a Feb 9 statement, Temasek chairman Lim Boon Heng says the leadership succession is a “strategic responsibility” of the board.

He notes that Ho has been “very much part of this process”.

“Indeed, she has been very active, working over the years to identify various potential successors both inside and outside of Temasek,” Lim says.

He adds that Ho’s many achievements and commitment to build Temasek as a “trusted steward” will be remembered.

“While there are some months to go before Ho Ching retires, the board wishes to recognise that she has led Temasek through a remarkable period of transformation,” he remarks.

Lim says that the board looks forward to working with Dilhan, who joined Temasek 10 years ago from a major law firm.

Dilhan was appointed CEO of Temasek International in 2019. 

In that role, he has been responsible for the investor role of Temasek, managing the investment and portfolio activities of Temasek.

Prior to that, he held several roles, including a two-year stint as Head, Americas based in New York.