SINGAPORE: Mr Lim Chow Kiat will take on the role of GIC's Chief Executive Officer from Jan 1, 2017, the sovereign wealth fund said in a media release on Monday (Nov 21).
In the release, GIC said Mr Lim, 46, is currently the company's Deputy Group President and the Group Chief Investment Officer.
Group President Lim Siong Guan will retire and be appointed as Advisor to the GIC Group Executive Committee on Jan 1, 2017, GIC said.
GIC added that from Jan 1 next year, Dr Jeffrey Jaensubhakij will take over as Group Chief Investment Officer, as he relinquishes his current role as Deputy Group Chief Investment Officer and President, Public Markets.
Additional appointments that will take effect from Jan 1, 2017, include Mr Lim Kee Chong, who will take on the appointment of President (Americas), based in New York. He will also remain as Deputy Group Chief Investment Officer and Director, Integrated Strategies Group.
Mr Tay Lim Hock will be appointed Deputy Group Chief Investment Officer, and take on the concurrent appointment of President (Europe), based in London, GIC said. He will also be Advisor, Private Equity and Infrastructure, and relinquish his current role as President, Private Equity and Infrastructure.
Additionally, Mr Goh Kok Huat will continue as Chief Operating Officer, with his concurrent appointment as Advisor, Real Estate from Jan 1 next year. He will relinquish his current role as President, Real Estate, GIC said.
GIC's Management structure, with effect from Jan 1, 2017. (Chart: GIC)
"The investment functions and responsibilities of Dr Jeffrey Jaensubhakij, Mr Tay Lim Hock and Mr Goh Kok Huat as President of Public Markets, President of Private Equity & Infrastructure, and President of Real Estate respectively will be taken over by the five Chief Investment Officers (appointed since Jun 1, 2016) in their respective areas, namely: Mr Bryan Yeo King Ming for Public Equities, Ms Liew Tzu Mi for Fixed Income, Mr Choo Yong Cheen for Private Equity, Mr Ang Eng Seng for Infrastructure, and Mr Lee Kok Sun for Real Estate," GIC said in the release.
"The titles of 'President of Public Markets', 'President of Private Equity & Infrastructure', and 'President of Real Estate' will cease to be used," GIC added.
Mr Lim Siong Guan, Group President of GIC, said: "I am happy to be able to hand over the reins of leading GIC to Chow Kiat. Chow Kiat comes with clear investment credentials to take GIC into the future and lead an organisation that is alert to new possibilities, faster in moving on opportunities, and nimble in execution."
Singapore Prime Minister Lee Hsien Loong, Chairman of GIC, said: “As Group President since 2007, Mr Lim has made enormous contributions to GIC. He groomed a new generation of professional leaders, built up a fit and flexible organisational structure, and imbued the GIC team with sound values and ideals. Mr Lim’s time at GIC coincided with an extremely challenging period for global markets. His leadership enabled GIC to work cohesively towards a shared and worthy goal – to steward and invest our foreign reserves wisely and prudently, for the benefit of present and future generations of Singaporeans."
"On behalf of the Board, I thank Mr Lim for all that he has done, and wish him all the best for the future. The Board has full confidence in Mr Lim Chow Kiat, who will now become CEO of GIC and will lead it in the next phase.”