After 15 transformative years at the helm, DBS Group Holdings CEO Piyush Gupta is set to step down, marking a pivotal leadership transition for Southeast Asia’s largest bank. This transition will be especially noteworthy as Tan Su Shan, currently Deputy CEO and head of institutional banking, steps into the CEO role next March, becoming the first woman to lead DBS.

Piyush Gupta’s leadership has been instrumental in the bank’s remarkable growth. Under his guidance, DBS not only became Singapore’s largest listed company but also emerged as a leader in digital banking across Asia. His tenure was characterized by a significant cultural shift within the bank, as well as a strategic embrace of technology that has positioned DBS as a global leader in digital banking innovation.

However, the latter part of Gupta’s tenure was not without challenges. Last year, the bank experienced multiple significant disruptions in its digital services, leading to customer frustration and a notable reduction in Gupta’s compensation as a consequence.

As Gupta prepares to hand over the reins, the selection of Tan Su Shan reflects a carefully orchestrated succession plan. With over 35 years of experience in the financial industry, including leadership roles in major financial hubs such as Hong Kong, Tokyo, and London, Tan is no stranger to the demands of leading a global financial institution.

Since joining DBS from Morgan Stanley in 2010, Tan has been instrumental in expanding the bank’s wealth management division and overseeing its consumer banking and institutional banking businesses, which together contribute to the majority of DBS’s revenue. Her appointment as the next CEO underscores the bank’s commitment to maintaining its growth trajectory while continuing its digital transformation.

Tan’s leadership will be crucial in navigating the evolving financial landscape. As she takes the helm, her experience and vision will be vital in ensuring that DBS not only retains its leadership position in Asia but also expands its influence on the global stage. Her journey to the top marks a significant milestone, not just for DBS, but for women in leadership across the financial industry.

For business leaders and industry watchers, this leadership transition at DBS is a reminder of the importance of strategic succession planning and the evolving nature of leadership in today’s complex business environment. As Tan Su Shan steps into her new role, the focus will be on her ability to continue the bank’s legacy of innovation and growth, while addressing the challenges that lie ahead.