Singapore, Thursday 30 September 2021 – Temasek Holdings is pleased to announce the appointments of Mr Ajay Banga and Ms Jenny Lee to its Board of Directors. Their appointments will be effective 1 October 2021 and 1 January 2022, respectively, and are in addition to the already-announced appointment of Mr Dilhan Pillay Sandrasegara to the Board as Executive Director and CEO, from 1 October 2021.

The appointments continue a process of transition following the recent retirement of Mr Goh Yew Lin (30 June 2021), and the forthcoming retirements of Ms Ho Ching (1 October 2021) and Mr Robert Ng (1 October 2021). The Board also expects to make further appointments in coming months, which will be announced once finalised.

Mr Ajay Banga is Executive Chairman of Mastercard and served as its President and Chief Executive Officer from 2010 to December 2020. During his tenure, Mastercard diversified its business and revenue base, expanding its addressable market and increasing its stock price 16 times. Prior to Mastercard, Mr Banga served as Chief Executive Officer of Citigroup Asia Pacific. He began his career at Nestlé, India, where for 13 years he worked on assignments spanning sales, marketing and general management. He also spent two years with PepsiCo, where he was instrumental in launching its fast-food franchises in India as the economy liberalised.

Ms Jenny Lee is a Managing Partner at GGV Capital, a multi-stage global venture capital firm, investing in tech innovation globally with core markets in the US, China and South Asia. She made her first investment in China in 2002 and has deep insights into internet and technology trends, and innovation in several of the largest entrepreneurial markets globally, built up over two decades of experience. She launched GGV’s first office in China in 2005 and re-opened GGV’s Singapore office in 2019. She also leads the firm’s USD fund raising activities. She previously served in a number of executive finance and operations roles with ST Aerospace, Morgan Stanley HK and JAFCO Asia.

Announcing the appointments today, Temasek Chairman, Mr Lim Boon Heng, said the Board was delighted to welcome such experienced individuals to Temasek.

“Ajay and Jenny bring new experiences and capabilities to the Board, which are most welcome. We look forward to tapping on their exceptional global expertise as the Board leads Temasek’s direction into the next decade.

“I would also like to particularly recognise the contributions of Yew Lin, Robert and Ho Ching to the Board over their years of service. The Board has been exceptionally well-served with their insights and direction over their tenure.

“Temasek pays special attention to renewal, both at management and board levels. We will make further appointments in coming months that will continue to build the capabilities that the Board has among its members,” Mr Lim said.

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About Temasek

Temasek is an investment company with a net portfolio value of S$381 billion (US$283b) as at 31 March 2021.

Headquartered in Singapore, it has 13 offices in 9 countries around the world. The Temasek Charter defines Temasek’s three roles as an Investor, Institution and Steward, which shape its ethos to do well, do right, and do good.

As a provider of catalytic capital, it seeks to enable solutions to key global challenges. With sustainability at the core of all Temasek does, it actively seeks sustainable solutions to address present and future challenges, as it captures investible opportunities to bring about a sustainable future for all.

For more information on Temasek, please visit www.temasek.com.sg.

About Mr Ajay Banga

Ajay Banga is Executive Chairman of Mastercard and served as President and Chief Executive Officer from 2010 to December 2020. During his tenure, Mastercard diversified its business and revenue base, expanding its addressable market and increasing its stock price 16 times.

Prior to Mastercard, Mr Banga served as Chief Executive Officer of Citigroup Asia Pacific. During his career at Citigroup, he held a variety of senior management roles in the United States, Asia Pacific, Europe, Middle East and Africa. He also oversaw the company’s efforts in microfinance.

He began his career at Nestlé, India, where for 13 years he worked on assignments spanning sales, marketing and general management. He also spent two years with PepsiCo, where he was instrumental in launching its fast-food franchises in India as the economy liberalised.

Mr Banga is a co-founder of The Cyber Readiness Institute, Chairman of the International Chamber of Commerce and a trustee of the United States Council for International Business. He is a founding trustee of the US-India Strategic Partnership Forum, a former member of the US-India CEO Forum and is Chairman Emeritus of the American India Foundation. He served as co-chair of the Partnership for New York City, and as a member of the Presidential Commission on Enhancing National Cybersecurity, established by President Obama in 2016. He is a past member of the US President’s Advisory Committee for Trade Policy and Negotiations.

Mr Banga is an independent director of Exor, where he serves as chair of the company’s Environmental, Social, and Corporate Governance committee. He is also a member of the Board of Overseers of the Weill Cornell Medical College. He has previously served on the boards of Kraft Foods and Dow Inc. and on the board of governors of the American Red Cross, the Asia Society and the New York Hall of Science.

He was awarded the Padma Shri Award by the President of India in 2016, the Distinguished Friends of Singapore Public Service Star in 2021, the Ellis Island Medal of Honor in 2019, and the Business Council for International Understanding’s Global Leadership Award. He is a fellow of the Foreign Policy Association and was awarded the Foreign Policy Association Medal in 2012.

He is a graduate of Delhi University and the Indian Institute of Management, Ahmedabad.

About Ms Jenny Lee

Jenny Lee is a Managing Partner at GGV Capital, a multi-stage global venture capital firm investing in tech innovation globally with core markets in the US, China and South Asia. Jenny is best known for her focus on start-up innovation in areas such as EdTech, FinTech, Robotics and AI. Since 2005 she has been instrumental in helping over 10 early stage companies go public on global exchanges including NYSE, NASDAQ, ChiNext, HKSE and SSE STAR Market exchanges, funding companies like Xiaomi, Kingsoft WPS, YY, XPEV, NIU, Agora, and ehang; and creating combined total market value of over $100bn.

Ms Lee was one of the early pioneers of China venture capital markets with her first investment in 2002, and launched GGV’s first office in Shanghai, China in 2005. She re-opened GGV’s Singapore office in 2019. She also leads the firm’s USD fund raising activities, raising over $5.5Bn in the last 5 years from global institutional investors. Ms Lee’s previous operations and finance work experience with ST Aerospace, Morgan Stanley and JAFCO Asia enhanced her role as a preferred board mentor and investor to many entrepreneurs in China.

Since 2012, Ms Lee has been consistently recognised by the Forbes Global 100 VC Midas list, and she is the first woman to break the Top 10 in 2015. In 2016, she was named to the Vanity Fair New Establishment list, Fast Company Most Creative People in Business list and is consistently recognised by The New York Times and CB Insights among the top 100 venture capital investors worldwide, ranking #8 among top venture capitalists in Asia. She is a recipient of Singapore’s Business China’s Young Achiever Award in 2016, the Business Times’ Outstanding Overseas Executive Award in 2019 and a member of the 2019 Forbes Asia Power Businesswomen 25 list.

Ms Lee graduated from Cornell University with a Bachelor of Science in Electrical Engineering and a Masters of Science in Electrical Engineering from the University of Cornell, and has an MBA from Kellogg School of Management, Northwestern University. Ms Lee sits on the non-executive Board of Agora, a video, voice and live interactive streaming platform; SATS Ltd, a leading provider of gateway and food solutions; and is also a member of the Board of Singapore’s GovTech.