DBS chief Piyush Gupta to step down next March; veteran banker Tan Su Shan to assume role

DBS chief executive Piyush Gupta will be stepping down from his position come March 2025, reported The Business Times (BT) on Wednesday (Aug 7) citing the bank. 

In his stead will be veteran banker Tan Su Shan, who was appointed deputy CEO. She is currently the group head of institutional banking.

Tan will be the first female chief executive in the history of DBS, reported CNA. 

Tan, 56, will take over as CEO when Gupta, 64, retires at the next annual general meeting on March 28, 2025.

Tan has over 35 years of experience in consumer banking, wealth management and institutional banking under her belt, reported The Straits Times.

She first entered DBS in 2010, spending three years in wealth management and has been president commissioner of DBS Indonesia since 2014.

"Su Shan's strategic orientation, track record in building businesses, familiarity with technology, leadership ability as well as strong stakeholder management and communication skills make her the ideal successor," said DBS chairman Peter Seah, reported Reuters.

Seah said at a media briefing on Wednesday that Piyush indicated back in 2021 that he had wanted to retire when he turns 65.

"The board then decided that we really had to move the pace up and go through a selection process of who we should appoint to lead the team," said Seah, reported BT.

"The board decision to appoint Su Shan was unanimous."

Gupta, who is leaving DBS after maintaining his role as CEO for 15 years, joined the bank after working 27 years at Citigroup, according to CNA.

While he was CEO, DBS achieved the title of "World's Best Bank" by publications such as Euromoney and Global Finance, and the bank was also listed among the top 10 most transformative organisations of the decade by the Harvard Business Review, CNA reported.

In 2020, Gupta received the Public Service Star from the President of Singapore.

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khooyihang@asiaone.com