David Paul Morris/Bloomberg | Bloomberg | Getty Images
Heng Swee Keat, Singapore’s finance minister, speaks during the Bridge Forum conference in San Francisco, California, U.S., on Wednesday, April 17, 2019.
Teo Chee Hean and Tharman Shanmugaratnam will relinquish their roles of deputy prime ministers but will remain in the cabinet as senior ministers.
“The next generation leadership is taking shape, and progressively taking over from me and my older colleagues,” Prime Minister Lee Hsien Loong, who plans to step down in coming years, said in a Facebook post.
Singapore’s ruling People’s Action Party last year named Heng to a key leadership post, a move seen at the time as putting the 57-year-old former head of the central bank in line to take over from Lee.
Lee, the son of Singapore’s founding father Lee Kuan Yew, has held power since 2004, and is widely expected to step down after an election that must take place by early 2021.