SINGAPORE:  , DBS chief executive Piyush Gupta will step down from his position, Singapore’s largest bank said in a bourse filing on Wednesday ( Aug 7 ).
In addition to her present position as group head of institutional banking, Ms. Tan Su Shan will take his place in the same capacity as deputy CEO.
When Piyush Gupta retires at the next annual general meeting on March 28, 2025, she will take over as CEO, according to the lender.
Since 2019, Ms. Tan has served as the administrative bank division head of DBS. After joining the bank in 2010, the 56-year-old is credited with growing DBS ‘ consumer finance and money management company. She had recently held positions with Citi and Morgan Stanley.
Ms. Tan served as a Nominated Member of Parliament from 2012 to 2014 outside of DBS. She even sits on the advisory board of Dyson’s home office, Weybourne Holdings.
In the past of DBS, Ms. Tan will be the first woman CEO.
Mr Gupta took the top place in DBS in 2009, joining the lender after 27 years at Citigroup.
During his tenure, DBS was recognised for its use of systems and named” World’s Best Bank” by publications such as Euromoney and International Finance.
The Harvard Business Review included DBS among the top ten most revolutionary organizations of the century in the list as of 2019.
Mr Gupta was awarded the Public Service Star by Singapore’s President in 2020.
But in recent years under Mr Gupta’s management, DBS has been plagued by various service problems, including a big one in October 2023.  ,
Following the outage, DBS was subject to penalties from the Monetary Authority of Singapore ( MAS ). For a full year, it was prohibited from making non-essential IT changes or acquiring innovative company.
Additionally, more cash was recommended as a cushion.
Mr. Gupta claimed in February that the company’s senior management team had taken pay cuts to account for support disruptions.
He took a 30 per cent cut, amounting to S$ 4.14 million ( US$ 3.12 million ),  , in his variable pay. This resulted in his full payment falling from S$ 15.4 million in 2022 to S$ 11.2 million next year.