DBS chief Piyush Gupta to step down; Tan Su Shan to take the top job
Ms Tan, who was appointed the bank's deputy CEO on Wednesday (Aug 7), will replace Mr Gupta in March 2025.
DBS chief Piyush Gupta to step down; Tan Su Shan to take the top job
Composite photo of DBS CEO Piyush Gupta and Ms Tan Su Shan. (Photos: CNA/Syamil Sapari,
07 Aug 2024 05:28PM (Updated: 07 Aug 2024 05:58PM)
Bookmark
Share
SINGAPORE: DBS chief executive Piyush Gupta will step down from his position, Singapore's largest bank said in a bourse filing on Wednesday (Aug 7).
He will be succeeded by Ms Tan Su Shan, who was appointed on the same day as deputy CEO, in addition to her current role as group head of institutional banking.
She will succeed Piyush Gupta as CEO when he retires at the next annual general meeting on Mar 28, 2025, the bank said.
Ms Tan has been DBS' group head of institutional banking since 2019. The 56-year-old has been credited with expanding DBS’ consumer banking and wealth management business, which she led after joining the bank in 2010. She had previously worked at Morgan Stanley and Citi.
Outside of DBS, Ms Tan served as a Nominated Member of Parliament from 2012 to 2014. She also sits on the advisory board of Dyson’s family office, Weybourne Holdings.
Ms Tan will be the first female chief executive in the history
Mr Gupta took the top position in DBS in 2009, joining the bank after 27 years at Citigroup.
During his tenure, DBS was recognised for its use of technology and named "World's Best Bank" by publications such as Euromoney and Global Finance.
In 2019, DBS was also listed among the top 10 most transformative organisations of the decade by the Harvard Business Review.
Mr Gupta was awarded the Public Service Star by Singapore's President in 2020.
But in recent years under Mr Gupta's leadership, DBS has been plagued by multiple service disruptions, including a major one in October 2023.
The Monetary Authority of Singapore (MAS) imposed penalties on DBS after the outage. It was not allowed to make non-essential IT changes or acquire new business ventures for six months.
It was also instructed to set aside more money as a buffer.
In February, Mr Gupta said the bank's senior management team was taking responsibility for service disruptions by taking pay cuts.
He took a 30 per cent cut, amounting to S$4.14 million (US$3.12 million), in his variable pay. This resulted in his total compensation falling from S$15.4 million in 2022 to S$11.2 million last year.
Source: CNA/an
Ms Tan, who was appointed the bank's deputy CEO on Wednesday (Aug 7), will replace Mr Gupta in March 2025.
DBS chief Piyush Gupta to step down; Tan Su Shan to take the top job
Composite photo of DBS CEO Piyush Gupta and Ms Tan Su Shan. (Photos: CNA/Syamil Sapari,
07 Aug 2024 05:28PM (Updated: 07 Aug 2024 05:58PM)
Bookmark
Share
SINGAPORE: DBS chief executive Piyush Gupta will step down from his position, Singapore's largest bank said in a bourse filing on Wednesday (Aug 7).
He will be succeeded by Ms Tan Su Shan, who was appointed on the same day as deputy CEO, in addition to her current role as group head of institutional banking.
She will succeed Piyush Gupta as CEO when he retires at the next annual general meeting on Mar 28, 2025, the bank said.
Ms Tan has been DBS' group head of institutional banking since 2019. The 56-year-old has been credited with expanding DBS’ consumer banking and wealth management business, which she led after joining the bank in 2010. She had previously worked at Morgan Stanley and Citi.
Outside of DBS, Ms Tan served as a Nominated Member of Parliament from 2012 to 2014. She also sits on the advisory board of Dyson’s family office, Weybourne Holdings.
Ms Tan will be the first female chief executive in the history
Mr Gupta took the top position in DBS in 2009, joining the bank after 27 years at Citigroup.
During his tenure, DBS was recognised for its use of technology and named "World's Best Bank" by publications such as Euromoney and Global Finance.
In 2019, DBS was also listed among the top 10 most transformative organisations of the decade by the Harvard Business Review.
Mr Gupta was awarded the Public Service Star by Singapore's President in 2020.
But in recent years under Mr Gupta's leadership, DBS has been plagued by multiple service disruptions, including a major one in October 2023.
The Monetary Authority of Singapore (MAS) imposed penalties on DBS after the outage. It was not allowed to make non-essential IT changes or acquire new business ventures for six months.
It was also instructed to set aside more money as a buffer.
In February, Mr Gupta said the bank's senior management team was taking responsibility for service disruptions by taking pay cuts.
He took a 30 per cent cut, amounting to S$4.14 million (US$3.12 million), in his variable pay. This resulted in his total compensation falling from S$15.4 million in 2022 to S$11.2 million last year.
Source: CNA/an
