DBS CEO Piyush Gupta to step down; Tan Su Shan named successor

SINGAPORE: On Wednesday (7 August), DBS announced in a bourse filing that Chief Executive Piyush Gupta will step down from his position.

He will be succeeded by Tan Su Shan, who was appointed deputy CEO on the same day, alongside her current role as Group Head of Institutional Banking.

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

In a statement, DBS highlighted that Tan Su Shan brings extensive experience to her new role, with over 35 years in consumer banking, wealth management, and institutional banking.

Her career includes roles in major financial centres such as Hong Kong, Tokyo, and London. Tan joined DBS in 2010, initially focusing on building the Wealth Management business.

She later managed both Consumer Banking/Wealth Management and Institutional Banking, which together contribute 90% of DBS’s income. Tan has also led the bank’s digitalisation strategy and has been President Commissioner of DBS Indonesia since 2014.

Outside of DBS, Tan has served on various boards in government, education, and women’s leadership, and was a Nominated Member of Parliament from 2012 to 2014 after quitting as a member of the People’s Action Party.

She holds a degree from Oxford University and has completed leadership programmes at Harvard and Stanford.

DBS noted that Tan’s appointment is the result of a decade-long succession planning process, during which a strong field of internal candidates underwent an extended development programme to enhance their experience, exposure, and skills for the role.

DBS Chairman Peter Seah praised Piyush Gupta’s leadership, stating, “Under Piyush’s leadership, DBS has been transformed into a high-performing, high-returns institution recognized for both stability and innovation.”

He also endorsed Tan Su Shan as Gupta’s successor, noting, “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. ”

“Importantly for us, she also embodies the DBS culture. I am pleased that a Singaporean with global experience has emerged as the best candidate to lead an iconic Singapore institution and build on the legacy that Piyush will leave us.”

“I am deeply honoured to have been selected to succeed Piyush. Leading the continued transformation of DBS is a tremendous privilege and responsibility.”

“Some months after Piyush joined as CEO, he called to persuade me to join DBS. I responded to that call and quit the foreign bank I was working at the next day,” says Tan.

“Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. ”

“She was instrumental in building the wealth management, consumer banking and institutional banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future,” says Gupta.

DBS reported a net profit of $2.8 billion for the second quarter of FY2024, ending June 30, marking a 4% increase year-on-year and surpassing the consensus estimate of $2.72 billion.

The return on equity (ROE) for the quarter was 18.2%, down from 19.2% in the same period last year.

For the first half of FY2024, the bank achieved a record net profit of $5.76 billion, up 9% year-on-year from the previous record. The ROE for the six months was 18.8%.

Gupta has led DBS since 2009, joining the bank after a 27-year career at Citigroup.

Under his leadership, DBS was recognized for its technological advancements and was named “World’s Best Bank” by publications like Euromoney and Global Finance.

In 2019, DBS was also listed among the top 10 most transformative organizations of the decade by the Harvard Business Review.

In 2020, Mr Gupta was awarded the Public Service Star by Singapore’s President.

However, under his leadership, DBS has faced several service disruptions, including a significant outage in October 2023.

Following this incident, the Monetary Authority of Singapore (MAS) imposed penalties on DBS, restricting the bank from making non-essential IT changes or acquiring new business ventures for six months.

Additionally, DBS was required to set aside extra funds as a buffer.

In response to the disruptions, Mr. Gupta announced in February that the bank’s senior management team would take responsibility by implementing pay cuts.

He accepted a 30 per cent reduction in his variable pay, amounting to S$4.14 million (US$3.12 million).

Consequently, his total compensation decreased from S$15.4 million in 2022 to S$11.2 million the following year.