Singapore,– DBS Group, Southeast Asia’s largest bank, announced on Wednesday that Tan Su Shan will succeed Piyush Gupta as CEO when he retires in March 2025. Tan, currently head of institutional banking, will become the first woman to lead the Singaporean banking giant.
Leadership Transition
- Piyush Gupta’s Retirement: March 28, 2025
- Tan Su Shan’s Role: To serve as Deputy CEO until March 2025
- Historic Milestone: First internal candidate and woman to become DBS CEO
Tan Su Shan’s Background
- Career at DBS: Joined in 2010 from Morgan Stanley
- Education: Oxford University graduate
- Achievements: Instrumental in building wealth management and institutional banking businesses
Piyush Gupta’s Legacy
- Tenure: 14 years as CEO
- Achievements:
- Expanded DBS regionally through acquisitions
- Modernized technology and culture
- DBS became the first Singapore-listed company to reach S$100 billion market cap
Market Reaction
- Analyst Expectations: Possible short-term negative share price impact
- Stock Performance: DBS shares up 279% during Gupta’s tenure vs. 72.5% for Singapore’s main index
Industry Context
- Leadership Diversity: Tan Su Shan will be the second female leader of a major Singaporean bank after OCBC’s Helen Wong
Recent Performance
- Earnings: Q4 earnings surpassed expectations; record profits in 2023
- Outlook: Raised full-year profit forecast
Challenges
- Digital Banking Disruptions: Issues in 2023 led to compensation reduction for Gupta
The appointment of Tan Su Shan marks a significant milestone for DBS and the banking industry in Southeast Asia, signaling continuity while breaking new ground in leadership diversity.
