Peter Seah to retire as DBS chairman after 16 years; Anthony Lim to succeed him

[SINGAPORE] Peter Seah will retire as chairman of DBS’ board after 16 years in the role, the bank said in a filing on Thursday (Nov 5), the same day it released its third-quarter results.

He will be succeeded by Anthony Lim, a current board member, on Jan 1, 2027.

Seah, 80, will retire on Dec 31, 2026, and will be appointed senior adviser for a year.

He noted that one of the board’s most important responsibilities is ensuring continuity of leadership.

“Having completed the CEO transition to Su Shan, the bank is now entering its next chapter from a position of strength,” he said.

“I am therefore able to hand over the reins to Anthony with confidence, knowing that DBS is in very capable hands.”

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As chairman since 2010, Seah provided “steadfast leadership and strategic oversight” as DBS pursued a strategy of digital transformation and growth in high-return businesses, the bank said.

He is also currently the chairman of Singapore Airlines and Lasalle College of the Arts.

Lim has served on the DBS board since April 2020, and sits on the board executive committee, board risk management committee and compensation and management development committee (CMDC).

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As chairman of the CMDC, he has played a key role in management succession planning, including the CEO transition, as well as remuneration governance and talent development, DBS said.

Prior to his retirement from executive roles in 2017, he held senior leadership roles at GIC and Bankers Trust, with assignments in Singapore, London and New York.

DBS CEO Tan Su Shan said Lim has “consistently brought invaluable perspectives” on a wide range of issues, from geopolitics and risk management to organisational leadership and talent development in board deliberations over the years.

At a briefing for the bank’s Q3 results, Seah said his time at DBS was “extremely interesting and challenging”, having taken on the role shortly after the global financial crisis, with the need to prepare the bank for the digital age.

He added that it will “not be an easy lap, because we are moving into very messy geopolitics and (artificial intelligence)”.

Nevertheless, he expects that the talent pool and team spirit he helped built at DBS will assist the bank in navigating uncertainties well.

He said: “The momentum (is) still there, the bank is still doing well... I wouldn’t set any targets, but look at our track record.”

At the briefing, Lim noted the challenges ahead resulting from geopolitics, AI and societal inequality.

“What I think (puts) us in good stead is exactly the culture that Peter has ensured we operate on in DBS – which is to encourage open, honest debate and to welcome divergent opinions... and remain agile and be able to adapt to changing circumstances.”

In a letter of appreciation, Temasek CEO Dilhan Pillay and chairman Teo Chee Hean said Seah’s contributions to DBS were “both profound and enduring”.

Apart from its strong financial performance, the bank pursued a clear strategic vision with the discipline to see it through under his tenure, they said.

“Good chairmanship is often not immediately visible and oftentimes underappreciated,” they added. “It is reflected in the quality of decisions made, the difficult moments navigated, the leaders developed and the culture sustained.”

Meanwhile, former DBS CEO Piyush Gupta said he “couldn’t have asked for a better partner and mentor”.

He added: “He was the force behind our culture change, giving us the confidence to be bold and to invest for the future.”