Piyush Gupta, the Indian origin Chief Executive of Singapore's largest bank DBS Group, will step down in March 2025.
He will be succeeded by Tan Su Shan, who was appointed as deputy CEO, in addition to her current role as the group head of institutional banking, DBS said in a regulatory filing on Wednesday.
Gupta, who took the top position in DBS in 2009 after spending 27 years at Citigroup, was awarded the Public Service Star by Singapore's President in 2020.
During his tenure, DBS was recognised for its use of technology and named the "World's Best Bank" by publications such as Euromoney and Global Finance.
In 2019, DBS was also listed among the top 10 most transformative organisations of the decade by the Harvard Business Review.
Gupta, 64, will retire at the next annual general meeting on Mar 28, 2025.
He took a 30 per cent cut, amounting to SGD 4.14 million (USD 3.12 million), in his variable pay. This resulted in his total compensation falling from SGD 15.4 million in 2022 to SGD 11.2 million last year.
In February, Gupta said the bank's senior management team was taking responsibility for service disruptions by taking pay cuts. DBS has been plagued by multiple service disruptions, including a major one in October 2023.
Tan, 56, has had more than 35 years of experience in consumer banking, wealth management and institutional banking. Besides Singapore, she has worked in major financial centres such as Hong Kong, Tokyo and London.
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