Png will step down as CFO in October to become president of Temasek Singapore, the unit responsible for some of the country’s most prominent portfolio companies, including DBS, Singapore Airlines, Singtel, and Seatrium. Wendy Koh, currently group CFO at Temasek-owned real estate group Mapletree, will succeed Png and will be named CFO-designate on Aug. 1 before fully assuming the role on Oct. 1.

This year, Png was ranked No. 77 on the Fortune Most Powerful Women list, marking her third consecutive year on the ranking. The transition at Temasek will place two veteran women finance executives in influential leadership positions at a global investment organization overseeing hundreds of billions of dollars in assets. Women accounted for 21% of global incoming CFO appointments in 2025, according to Russell Reynolds Associates’ Global CFO Turnover Index, compared with 26% in 2024 and 14% in 2019.

The appointments come as Temasek undertakes a sweeping reorganization designed to navigate a more fragmented global investment environment and position the firm for its next phase of growth. In April, Temasek reorganized into three entities managing different portfolios: global direct investments; Singapore-based Temasek portfolio companies (TPCs); and partnerships, funds, and asset management companies (PFAs).

“The rules-based order that we’ve been used to, that we’ve been able to rely upon as an investment firm … is changing,” Temasek CEO Dilhan Pillay said during a 2025 press conference. “The United States has got a very clear objective of ‘America first,’ and other countries are now trying to figure out how to operate within that framework.”

Png’s new role sits within this strategic reset. As president of Temasek Singapore, she will oversee investments in large homegrown companies which employ more than 160,000 people in Singapore and generate about 200 billion Singapore dollars in revenue.

Png joined Temasek in 2011 after a career at UBS and has held some of the firm’s most demanding roles, including head of financial services and senior managing director for China investments. She became CFO in January 2023, succeeding longtime finance chief Leong Wai Leng.

In 2025, Temasek reported a net portfolio value of 434 billion Singapore dollars ($342 billion). As of last March, Singapore-based companies made up 41% of its holdings, with global direct investments and PFAs contributing 36% and 23%, respectively. The firm aims to rebalance its portfolio so that about 40% is in global direct investments, 40% in Singapore-based portfolio companies, and 20% in funds and asset managers.

Png has emphasized that divestments should be as deliberate as investments. “You want to make sure that the employees, customers, and even the minority shareholders are taken care of,” she said in a 2024 interview. “When we invest, we try to do it responsibly. And when we divest, we ensure we do that responsibly as well.”

She helped found the Temasek Women’s Network and has urged leaders to be intentional about elevating women’s voices. “Whether you’re in a leadership position or just starting out, we all have a duty to act,” she wrote in a recent LinkedIn post.

Angelica Ang
angelica.ang@fortune.com

Leaderboard

Fortune 500 Power Moves

Dave Denton, CFO of Pfizer Inc. (No. 73) , will step down from his current role and leave the company on Aug. 15 for a professional opportunity outside the pharmaceutical industry in consumer goods.

The company has named Cecile Guegan, currently SVP of finance of the Global Biopharmaceutical Business, as interim CFO, effective Aug. 16, while Pfizer conducts an internal and external search. Guegan brings more than two decades of experience at Pfizer. In her current role, she is directly responsible for the financial operations and reporting of Pfizer’s biopharmaceutical business across all therapeutic areas and geographies.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

More notable moves

Rob Livingston was appointed CFO of Nubank, effective July 13, succeeding Guilherme Lago, after five years as CFO and seven years at Nu. Lago will support the transition through Aug. 31, and will remain as a special advisor to the management team of Nu Holdings. Livingston brings more than 30 years of experience. He joins Nubank from Visa, where he recently served as CFO for North America. Over more than 12 years at Visa, he also led corporate finance and investor relations for Visa, Inc., and served as CFO for Visa Europe. Before Visa, Livingston spent 18 years at Capital One, serving in leadership roles including president of Capital One Canada, and Divisional CFO.

John E. Gallagher was appointed CFO of CONMED Corporation (NYSE: CNMD), a medical technology company, effective July 15. Gallagher succeeds Todd Garner, who will remain with the company in an advisory capacity through Nov. 2. Most recently, Gallagher served as CFO of Certara, Inc., and before that as CFO of Cue Health Inc. Gallagher previously spent nine years at Becton, Dickinson & Co. (BD) in roles including corporate treasurer, controller/chief accounting officer, and ultimately SVP and CFO of BD’s Medical Segment. Earlier in his career, he held various finance leadership roles at General Electric Company and Ford Motor Company.

Big Deal

PwC’s U.S. Deals 2026 midyear outlook highlights a two-track M&A market in which deal volume is flat, but value is surging as megadeals dominate. Through the first five months of 2026, U.S .deal value nearly doubled year over year to $1.2 trillion, driven by a wave of $5 billion-plus transactions—many tied to AI infrastructure and “macro‑insensitive” theses that don’t rely on rate cuts or faster GDP growth. At the same time, the middle market remains sluggish as private equity grapples with aging portfolios and looks to AI‑driven value‑creation partnerships as a new catalyst.

Going deeper

"The U.K. just banned social media for kids under 16. The founder of ‘safe TikTok’ says the U.S. is next," is a Fortune article by Nick Lichtenberg.

Zak Ringelstein is the founder and CEO of fast-growing kids social media platform Zigazoo, which has "spent six years building exactly what governments around the world are now demanding: a safe, age-verified digital space for children," Lichtenberg writes. Read more here.

Overheard

"This generation craves a future worth preparing for, and employers have a unique opportunity to provide financial access and education that can help get them there."

—Julia Bartak, an advisor at Edward Jones, writes in the Fortune opinion piece, "Gen-Z doesn’t want an office happy hour. They want financial security."