Temasek makes 3 new senior leadership hires, including MTI Permanent Secretary

SINGAPORE: Temasek on Monday (Aug 5) announced three new additions to its senior leadership team, which include the current Permanent Secretary of the Ministry of Trade and Industry (MTI).
In a press release, the state investor said it is “constantly strengthening” its leadership bench and described the new hires as having “complementary and/or differentiated capabilities” that will augment its existing teams.
All three are newly created positions.
Mr Gabriel Lim, who has been MTI’s Permanent Secretary since April 2019 and currently oversees policies for economic growth, will join Temasek on Oct 1 as joint head of corporate strategy.
Prior to MTI, Mr Lim was Permanent Secretary at the Ministry of Communications and Information – which has been renamed the Ministry of Digital Development and Information – and had also served as Principal Private Secretary to former Prime Minister Lee Hsien Loong.
In his new role, Mr Lim will help to “develop and drive key corporate strategies” that support the implementation of Temasek’s 2030 strategy.
“This includes differentiating Temasek from our peers, and strengthening our positioning with partners and key stakeholders,” the press release said.
Developed in 2019, the T2030 strategy is a 10-year roadmap to guide Temasek’s strategic planning in areas such as the make-up of its portfolio, building up of capabilities like new technologies and institutional development.
Speaking to reporters ahead of the announcement, Temasek’s representatives said Mr Lim’s “deep experience in strategy development and stakeholder management, both in the public sector and from his extensive engagements with the private sector” make him a suitable candidate for the role.
Ms Lim Ming Pey, who will oversee corporate strategy alongside Mr Lim, highlighted Mr Lim’s experience in “high-level strategy formation” and networks in both the private and public sectors as assets that can help strengthen Temasek.
Temasek said this is not the first time a Permanent Secretary is joining Temasek or its related entities after leaving public service.
Others include Mr Desmond Kuek who is currently the executive director and CEO of Temasek Trust and Mr Neo Kian Hong who was formerly the group chief executive of SMRT.
Temasek’s chief corporate officer and head of organisation and people Chan Wai Ching said the firm is “always greedy for talents” and the firm “(does not) target a specific group” when hiring.
“It’s really (about) what is the role and how can we find the best fit for that position,” said Ms Chan.
In a separate press release, the Public Service Division announced that Dr Beh Swan Gin, who is currently the Permanent Secretary (Development) at MTI, will be re-designated as Permanent Secretary of the ministry with effect from Sep 1.
Mr Jeffrey Siow Chen Siang, who is currently the Second Permanent Secretary of the Ministry of Manpower, will be appointed concurrently as Second Permanent Secretary of MTI from the same date.
Minister-in-charge of the Public Service Chan Chun Sing thanked Mr Lim for “24 years of distinguished service in the Singapore Public Service”.
“He has served with distinction in various ministries. I would like to express our appreciation for his leadership and outstanding contributions to the Public Service,” said Mr Chan.
Temasek is also shoring up its portfolio development group with the hiring of Mr Eng Aik Meng and Mr Dinesh Khanna, who will join the firm on Sep 1 and mid-October respectively.
Mr Eng Aik Meng is currently the co-founder and group CEO of TE Asia Healthcare Partners. Prior to healthcare, he held various leadership positions in the maritime industry, with the last being the president of container shipping line American President Lines.
Mr Dinesh Khanna is currently managing director and senior partner at BCG. Since joining BCG in 2002, he has held several senior leadership roles and pushed for “substantial workforce innovation” under his stewardship, Temasek said.
The two new hires will jointly oversee the portfolio development group alongside Ms Juliet Teo, who currently leads the group.
The portfolio development group works closely with Temasek’s portfolio companies to pursue “value uplift initiatives” and increase shareholder value. Given how the Singapore-based portfolio companies account for almost 40 per cent of its portfolio value, having three joint heads is not unusual, the firm’s representatives told reporters.
This comes especially as companies are set to face a more complex and challenging operating environment ahead, said Ms Lim.
The new hires also serve on the boards of other companies.
Mr Lim serves on the boards of the National Research Foundation, CapitaLand Investment and schools such as St Joseph’s Institution International.
Mr Eng is a board member of Temasek-backed investment firm 65 Equity Partners and local in-flight caterer and ground handler SATS.
Temasek said external appointments by its employees are subject to approval. It believes that such appointments can benefit its employees in terms of gaining exposure, but the firm will consider the time required for these external appointments and whether there is a conflict of interest.
“We don’t want our employees to be engaged in any political activities. If there are external appointments which conflict with the business of Temasek – that is a no,” said Ms Chan.
Apart from external hires, Temasek said it is also taking on an active approach in growing its own internal talent pipeline by allowing rotations across markets, sectors and functions.
Doing so “is crucial in ensuring that Temasek stays agile and adaptable in an era of unprecedented global challenges”, said Temasek Holdings’ CEO and executive director Dilhan Pillay who has been at the helm of the state investor since 2021 after taking over from Ms Ho Ching.
Temasek is one of the three entities that have part of its returns tapped every year for the Singapore government’s annual Budget.
The state investor’s net portfolio was valued at S$389 billion as of Mar 31, up from S$382 billion a year ago on the back of higher investment returns from the US and India.