Piyush Gupta has stepped down as the Chief Executive Officer of DBS Bank after a transformative 15-year tenure, passing the reins to Tan Su Shan, the bank’s first female CEO. Gupta’s leadership saw DBS achieve significant milestones, including multiple global accolades and robust financial growth.
Temasek Holdings CEO Dilhan Pillay commended Gupta’s impact, stating, “Over the past 15 years, Piyush has steered DBS through a remarkable evolution, turning it into one of the world’s leading financial institutions. Under his leadership, DBS became the first recipient of Euromoney’s ‘World’s Best Digital Bank’ award in 2016, followed by multiple ‘World’s Best Bank’ recognitions.”
Tan Su Shan, who previously served as DBS’ deputy CEO, is expected to continue the bank’s emphasis on sustainable growth and high return on equity businesses. The Straits Times reported that she will play a key role in driving DBS’ expansion strategy in the years ahead. 
DBS chairman Peter Seah and Tan will oversee the bank’s next chapter, with strong backing from Temasek Holdings, a state-owned investment group that remains a key stakeholder in the institution.
A Legacy of Growth and Transformation
During Gupta’s tenure, DBS recorded exponential growth in profitability and market value. In February 2024, the bank announced a record-breaking full-year net profit of SGD 11.4 billion, reflecting an 11% year-on-year increase. The bank’s market capitalization crossed the SGD 100 billion threshold in May 2024, reaching SGD 124 billion by year-end.
DBS’ share price surged by over 280% since Gupta assumed the role in November 2009, closing at SGD 46.47 on March 28, 2024. Total shareholder returns for the year stood at 51%, including a 44% increase in share price and a 7% dividend yield.
Gupta credited the bank’s wealth management segment as a key driver of its success, citing a 17% year-on-year rise in assets under management to SGD 426 billion. He also noted that higher fee income helped offset lower interest earnings amid fluctuating interest rates.
Challenges and Technological Overhauls
Despite his numerous achievements, Gupta’s tenure was not without difficulties. DBS faced digital disruptions in 2023, which resulted in a 27% reduction in his annual compensation. However, in 2024, his pay rebounded to SGD 17.6 million from SGD 11.2 million the previous year.
Gupta acknowledged the challenges posed by system outages, stating at the AGM that the board had taken “serious measures” to enhance the bank’s technological resilience. These improvements are expected to fortify DBS’ digital infrastructure and bolster customer confidence moving forward.
As he steps away from the role, Gupta leaves behind a bank that has grown into Southeast Asia’s largest by assets, setting new benchmarks in digital banking and financial performance. With Tan Su Shan now at the helm, DBS is poised to embark on its next era of growth and innovation.
