SINGAPORE: State investor Temasek will “test the next generation” of its leaders by giving them new roles in three wholly-owned entities from April next year.
This was announced in a rare media briefing fronted by chief executive Dilhan Pillay on Thursday (Aug 28), who said that Temasek needs to change its organisational structure to adapt to the rapidly evolving world.
To this end, Temasek will split up the management of distinct portfolio segments, namely global direct investments, Singapore-based Temasek Portfolio Companies, and partnerships, funds and asset management companies.
The portfolio segments will be managed respectively by three entities: Temasek Global Investments, Temasek Singapore and Temasek Partnership Solutions.
Their leaders’ roles will take effect from Apr 1 next year.
Mr Pillay, 62, will be chairman of the three entities as well as Temasek International. Current chairman Mr Lee Theng Kiat will step down from Apr 1.
Temasek Global Investments will have Mr Chia Song Hwee, 62, as its CEO and Mr Nagi Hamiyeh, 56, as its president. Mr Chia is the deputy chief executive officer of Temasek International, and Mr Hamiyeh is Temasek's regional head for Europe, the Middle East and Africa.
Temasek Singapore’s president will be Ms Png Chin Yee, 49, and its deputy chairman will be Mr Chia. Ms Png is currently Temasek’s chief financial officer.
Temasek Partnership Solutions will not have a CEO or president for now. Mr Chia will serve as its deputy chairman.
Mr Chia, Mr Hamiyeh and Ms Png were not present at the media briefing to announce these changes.
In this reorganisation, Mr Pillay said he and Mr Chia are the “constants”.
Mr Pillay will continue to be executive director and CEO of Temasek Holdings and Temasek International. From Oct 1 this year, Mr Chia will be appointed as co-CEO of Temasek International.
“What we want to do is to make sure that we test the next generation and prepare them to take leadership of this company and for them to chart the course for T2040,” he said, referring to Temasek’s strategy, which is renewed every 10 years.
The time has come for his generation of leaders, who charted the course toward T2020, to think about how the new generation can take the company forward to T2030 and beyond.
“I think this is as good a time as any to plan for it, because of the changing world,” he said.
The new structure will allow Temasek to empower the next generation of leaders and gradually give them a bigger role in leading the company, added Mr Pillay.
On whether his successor will come from the group of executives taking up new appointments, Mr Pillay said there is a need for those who aspire to leadership roles to be given the opportunities to gain the experiences that they need in the long run.
Ms Png and Mr Hamiyeh have been tested in other roles, including ones outside their comfort zones, said Mr Pillay, adding that they have done well.
“I gave Nagi (the) portfolio development group and said, do what you can to add value to our (Temasek Portfolio Companies) … and in the five years that he ran it, he looked at five companies and created incredible value,” he said.
Ms Png was personally persuaded by Mr Pillay to join Temasek, and she ran financial services, which Mr Pillay said is one of the best-performing groups in the company.
Apart from Mr Hamiyeh and Ms Png, Mr Pillay mentioned the head of enterprise development for the portfolio development group Yeoh Keat Chuan and joint heads of the portfolio development group Eng Aik Meng, Dinesh Khanna and Juliet Teo.
They each have one other role in the company. There are also others being tested in roles inside and outside Singapore.
He noted that while Temasek Partnership Solutions has yet to name a president or a CEO, these positions will be filled eventually.
The entity will work with its main asset management platform, Seviora Holdings, which on Thursday also announced that Mr Pillay will join it as chairman from Sep 1, succeeding Mr Goh Yew Lin.
When asked what qualities he is looking for in his successor, Mr Pillay said good leaders have to be able to drive high performance while having the right values.
“We are a global company rooted in Singapore, so one of the things which is quite critical, is to make sure that we operate not just as a multinational management team, but a multicultural management team,” said Mr Pillay.
“Cross-cultural traits, cross-cultural understanding – it's very important in a leader,” he said.
Overseas experience is important for leaders to be immersed and learn how to operate in a different environment.
Leaders also need to have the right values, he added.
“We want a high-performing team, but we want one Temasek, where people help each other as well.”
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This was announced in a rare media briefing fronted by chief executive Dilhan Pillay on Thursday (Aug 28), who said that Temasek needs to change its organisational structure to adapt to the rapidly evolving world.
To this end, Temasek will split up the management of distinct portfolio segments, namely global direct investments, Singapore-based Temasek Portfolio Companies, and partnerships, funds and asset management companies.
The portfolio segments will be managed respectively by three entities: Temasek Global Investments, Temasek Singapore and Temasek Partnership Solutions.
Their leaders’ roles will take effect from Apr 1 next year.
Mr Pillay, 62, will be chairman of the three entities as well as Temasek International. Current chairman Mr Lee Theng Kiat will step down from Apr 1.
Temasek Global Investments will have Mr Chia Song Hwee, 62, as its CEO and Mr Nagi Hamiyeh, 56, as its president. Mr Chia is the deputy chief executive officer of Temasek International, and Mr Hamiyeh is Temasek's regional head for Europe, the Middle East and Africa.
Temasek Singapore’s president will be Ms Png Chin Yee, 49, and its deputy chairman will be Mr Chia. Ms Png is currently Temasek’s chief financial officer.
Temasek Partnership Solutions will not have a CEO or president for now. Mr Chia will serve as its deputy chairman.
Mr Chia, Mr Hamiyeh and Ms Png were not present at the media briefing to announce these changes.
In this reorganisation, Mr Pillay said he and Mr Chia are the “constants”.
Mr Pillay will continue to be executive director and CEO of Temasek Holdings and Temasek International. From Oct 1 this year, Mr Chia will be appointed as co-CEO of Temasek International.
“What we want to do is to make sure that we test the next generation and prepare them to take leadership of this company and for them to chart the course for T2040,” he said, referring to Temasek’s strategy, which is renewed every 10 years.
The time has come for his generation of leaders, who charted the course toward T2020, to think about how the new generation can take the company forward to T2030 and beyond.
“I think this is as good a time as any to plan for it, because of the changing world,” he said.
The new structure will allow Temasek to empower the next generation of leaders and gradually give them a bigger role in leading the company, added Mr Pillay.
POTENTIAL SUCCESSORS?
On whether his successor will come from the group of executives taking up new appointments, Mr Pillay said there is a need for those who aspire to leadership roles to be given the opportunities to gain the experiences that they need in the long run.
Ms Png and Mr Hamiyeh have been tested in other roles, including ones outside their comfort zones, said Mr Pillay, adding that they have done well.
“I gave Nagi (the) portfolio development group and said, do what you can to add value to our (Temasek Portfolio Companies) … and in the five years that he ran it, he looked at five companies and created incredible value,” he said.
Ms Png was personally persuaded by Mr Pillay to join Temasek, and she ran financial services, which Mr Pillay said is one of the best-performing groups in the company.
Apart from Mr Hamiyeh and Ms Png, Mr Pillay mentioned the head of enterprise development for the portfolio development group Yeoh Keat Chuan and joint heads of the portfolio development group Eng Aik Meng, Dinesh Khanna and Juliet Teo.
They each have one other role in the company. There are also others being tested in roles inside and outside Singapore.
He noted that while Temasek Partnership Solutions has yet to name a president or a CEO, these positions will be filled eventually.
The entity will work with its main asset management platform, Seviora Holdings, which on Thursday also announced that Mr Pillay will join it as chairman from Sep 1, succeeding Mr Goh Yew Lin.
When asked what qualities he is looking for in his successor, Mr Pillay said good leaders have to be able to drive high performance while having the right values.
“We are a global company rooted in Singapore, so one of the things which is quite critical, is to make sure that we operate not just as a multinational management team, but a multicultural management team,” said Mr Pillay.
“Cross-cultural traits, cross-cultural understanding – it's very important in a leader,” he said.
Overseas experience is important for leaders to be immersed and learn how to operate in a different environment.
Leaders also need to have the right values, he added.
“We want a high-performing team, but we want one Temasek, where people help each other as well.”
Continue reading...