(8 August 2024 – Singapore) DBS has announced its successor to CEO Piyush Gupta, who had indicated his intention to retire at the age of 65 next year.
DBS has appointed Tan Su Shan as deputy CEO and, effective March 2025, CEO, chairman Peter Seah announced, succeeding Piyush Gupta who has held various positions with the major Singaporean bank for almost two decades.
Tan, 56, is Singaporean and an Oxford University graduate. Her first internship as a university student was with DBS. She holds 35 years of experience in retail banking, wealth management and institutional banking. Tan is currently DBS group head of institutional banking and was previously DBS’ group head of consumer banking and wealth management. Prior to joining DBS in 2010, she was based at Morgan Stanley and Citi and also nominated as a member of parliament (MP) in Singapore.
Tan’s immediate focus will be DBS’s technology and innovation capabilities. The bank has had multiple service disruptions, leading to regulatory penalties and pay cuts for senior management including Gupta.
“We’ve been heavily engaged in a tech resiliency program over the last 12 to 15 months. Su Shan has been involved with that, but in the coming months, I expect her to be able to get even more deeply immersed in things around technology” Gupta said in a briefing announcing Tan’s appointment.
“The appointment signals continuity and stability given she is already a major contributor to the Group’s current culture and business mix” Maybank Investment Banking Analyst Thilan Wickramasinghe commented.