NEW DELHI:
Singapore
‘s largest bank DBS in a regulatory filing on Wednesday disclosed that its CEO
Piyush Gupta
will step down in March 2025 and
Tan Su Shan
will succeed him. Shan is currently serving as the group head of institutional banking. Tan has also been appointed as the deputy CEO with immediate effect.
Gupta, who became the CEO in 2009 after working 27 years at Citigroup, was awarded the Public Service Star by Singapore’s President in 2020.
The bank was recognized for its technological advancements during his tenure and was named the “World’s Best Bank” by several publications, including Euromoney and Global Finance.
In 2019, the Harvard Business Review also included DBS in its list of the top 10 most transformative organizations of the decade.
Gupta will step down at the next annual general meeting on Mar 28, 2025. As a result of a 30 percent reduction in his variable pay, amounting to SGD 4.14 million (USD 3.12 million), his total compensation decreased from SGD 15.4 million in 2022 to SGD 11.2 million last year.
In February, Gupta stated that the bank’s senior management team was taking responsibility for service disruptions by accepting pay cuts, as DBS had experienced several service disruptions, including a significant one in October 2023.
Tan Su Shan, aged 56, brings more than 35 years of experience in various banking sectors, including consumer banking, wealth management, and institutional banking. She has worked in major financial centers such as Singapore, Hong Kong, Tokyo, and London throughout her career.
