Singapore state investor Temasek Holdings’ chief financial officer Leong Wai Leng and president Tan Chong Lee are stepping down from their respective roles, Bloomberg reported on Wednesday.
General counsel Pek Siok Lan will also be leaving the firm.
CFO Leong, who is departing after a 16-year stint at the company, will be replaced by deputy CFO Png Chin Yee effective from January 1, next year. Png has been with the company for 11 years.
President Tan Chong Lee, meanwhile, is stepping down to lead Temasek’s $3.3 billion investment unit 65 Equity Partners, which recently invested S$150 billion ($106 billion) in Singaporean immersive entertainment firm Cityneon Holdings.
General counsel Pek will go on sabbatical and take up a new role in July, the Bloomberg report added.
The changes at Temasek are its biggest since Dilhan Pillay Sandrasegara took over as chief executive officer in October last year. Pillay, a corporate lawyer by training, joined Temasek 10 years ago and was CEO of Temasek International before taking on his current role.
The investment firm, which has S$403 billion ($286 billion) worth of assets under management, said in July that it would slow the pace of its investments as its Chinese investments took a hit amid the nation’s regulatory uncertainty and ongoing COVID restrictions.