In a significant leadership transition, DBS Bank announced on August 7 that Piyush Gupta, the current chief executive, will step down from his role. Gupta, 63, who has steered Singapore’s largest bank since 2009, will retire at the next annual general meeting on March 28, 2025. He will be succeeded by Ms. Tan Su Shan, 56, the current group head of institutional banking and newly appointed deputy CEO. Tan, who has made significant contributions to DBS since joining in 2010, will be the first female CEO in the bank’s history. Notably, Tan’s extensive experience includes roles at Morgan Stanley and Citi, and her involvement as a Nominated Member of Parliament from 2012 to 2014. Tan’s personal life includes her husband and children, though specific details about her family remain private. As of 2023, Tan’s estimated net worth is around $20 million.
Historic Appointment
Tan’s appointment marks a historic milestone for DBS. “I am really deeply honored and humbled by this… very grateful for this big opportunity,” Tan said during a media briefing, where she wore DBS colors. Reflecting on her journey, Tan recalled her first internship at DBS as a university student, describing her return to the bank as a homecoming.
Leadership Experience
Since 2019, Tan has served as DBS’ group head of institutional banking. She has been credited with expanding DBS’ consumer banking and wealth management business, sectors she led after joining the bank in 2010. Her previous tenures at Morgan Stanley and Citi have further solidified her reputation in the banking industry.
External Contributions
Outside of DBS, Tan has held notable positions, including serving as a Nominated Member of Parliament from 2012 to 2014. She also sits on the advisory board of Dyson’s family office, Weybourne Holdings. These roles underscore her diverse experience and leadership capabilities.
Transition Plan
Between now and March 2025, Tan and Gupta will work closely to ensure a smooth transition. Tan expressed her gratitude for Gupta’s mentorship and acknowledged the significant legacy he leaves behind. “Everybody has told me Piyush has very big shoes to fill, and of course he does,” she said. “But guess what? Our shoes are different. We wear different kinds of shoes, so our styles may be different, but some things will not change going forward,” she added, emphasizing the importance of culture, customers, collaboration, and continuity at DBS.
Board’s Confidence
Peter Seah, chairman of the board, expressed confidence in Tan’s abilities, highlighting her reputation as a well-respected private banker. The board, after considering several candidates with the help of an independent consultant, unanimously decided on Tan as the best choice for CEO. “She gets along very well with the rest of the team, and when the team members were informed of (the board’s) decision, it was well received,” Seah said.
Homegrown Leader
Tan’s appointment is particularly significant as she is the first homegrown leader to become CEO of DBS. Seah noted, “We are particularly pleased that our years of robust talent management (have) enabled us to produce (an) internal successor.” This internal promotion reflects the bank’s commitment to nurturing and developing its talent.
Gupta’s Tenure
Gupta joined DBS in 2009 after a 27-year career at Citigroup. His tenure at DBS has been marked by significant achievements, including the bank being recognized for its use of technology and named “World’s Best Bank” by Euromoney and Global Finance. In 2019, DBS was listed among the top 10 most transformative organizations of the decade by the Harvard Business Review. Gupta himself was awarded the Public Service Star by Singapore’s President in 2020.
Challenges Faced
However, Gupta’s leadership also faced challenges, particularly in recent years. DBS experienced multiple service disruptions, including a major outage in October 2023. The Monetary Authority of Singapore (MAS) imposed penalties on DBS, restricting non-essential IT changes and new business ventures for six months. Additionally, the bank was required to set aside more funds as a buffer. In response to these disruptions, Gupta and the senior management team took pay cuts. Gupta’s variable pay was reduced by 30%, resulting in a decrease from S$15.4 million in 2022 to S$11.2 million last year.
Looking Ahead
As Tan prepares to take on her new role, she and Gupta will collaborate to ensure a seamless transition and continued success for DBS. Gupta expressed confidence in the bank’s future, emphasizing the stability and continuity provided by the core management team. “The capacity of this team to provide, again, continuity, direction, stability is immense,” he said, highlighting what makes DBS “a different kind of bank.”
Tan’s appointment signifies a new chapter for DBS, one that builds on Gupta’s legacy while promising innovative leadership and a continued commitment to excellence in banking.