Singapore’s Temasek International has shuffled its management lineup, including promoting Chia Song Hwee to deputy chief executive officer and Rohit Sipahimalani to the newly-created position of chief investment strategist.
They are the first changes under Dilhan Pillay, the previous deputy who succeeded Lee Theng Kiat as CEO in April. Mr. Lee is now chairman of Temasek International, the management and investment unit of Singapore state-owned investment company Temasek Holdings.
The changes are effective January 1.
According to Mr. Pillay, the management shuffle was needed in order to deal with a world that is "becoming increasingly complex".
The company has to ensure that its organisational structure "gives us the clarity and robustness to deal with this complexity, while delivering on our strategic and institutional initiatives", he says in a statement on November 8.
"These changes are part of our journey, and change will be a constant on that journey. I expect our organisation structure to continue to evolve as we develop talent, build capabilities, tackle challenges and strengthen our portfolio," Mr. Pillay adds.
Mr. Chia is currently Temasek International’s chief operating officer. Mr. Sipahimalani jointly leads the investment group with Nagi Hamiyeh, and also heads the portfolio strategy and risk group.
Mr. Sipahimalani will also be the head of Southeast Asia in January, succeeding Tan Chong Lee, who will become joint head of Europe, Middle East and Africa with Uwe Krueger.
The company did not name a successor to Mr. Chia and a spokesperson for Temasek Holdings tells Asia Asset Management there is “no new COO appointment at this point”.
Meanwhile, Ravi Lambah, currently head of telecom, media and technology and also head of India, has been named to jointly lead the investment group with Mr. Hamiyeh. He will also head direct investment within the group.
Also effective January, the company’s portfolio development group will be absorbed into the investment group, where it will exist as a separate function led by Mr. Hamiyeh.
Other changes to the senior lineup include the appointments of Png Chin Yee as deputy chief financial officer, John Vaske and Mukul Chawla as joint heads for North America, and Chan Wai Ching as chief corporate officer.
Temasek Holdings’ investment portfolio was worth S$313 billion (US$229.95 billion) as at March 31, 2019.