DBS (Development Bank of Singapore)

[weijian]

I suppose with a BT headline like this - ‘Even a CEO’s job can be replaced by AI’: DBS CEO Tan Su Shan bets big on agentic AI.....it is understandable that Miss Tan Su Shan is diversifying her bet and working on her FIRE journey...

Jokes aside.

hi jfc18,
Thanks for detailing the new Keppel Ltd chairman's previous DBS sales. Piyush Gupta took the job in 2009 and I will assume he hasn't sold too many shares in his earlier years? Personally, I think it is normal for a hired top gun to take action to diversify his wealth as part of general risk mgt when certain portions become too large relative to the rest. But this generally does not happen 1 year into the tenure. To clarify, I am not criticizing Miss Tan nor want to over interpret the sale. But her action of selling down ~1 year worth of RSU/ESPP just 1 year into her CEO tenure is not something familiar on the local bourse, and therefore I thought it is something interesting as it fell outside of my pattern recognition (or my pattern recognition is wrong which i hope to correct).

The old adage for insiders' share activities is: "There are many reasons for selling but only one for buying, ie. the insider thinks it is going up". But from my own observation over the years, insider buying/selling is only meaningful as a signal when it is viewed in context with factors like the quantum, business cycles etc. Without those nuances, it is mostly noise.

[specuvestor]

yes agree on the tax hedging. What I do remember is many employees bankrupt post dot com paying for taxes in US, cause everyone thought the stocks will continued to double / triple

But I guess the diff is that she getting $1m dividend cashflow per quarter

DBS new CEO Miss Tan Su Shan has just been on the job for a little more than 1 year and she sold 100lots @60sgd.

When she was first appointed, she had ~1.35mil shares, which is similar to her holdings post sale. So it seems she only sold whatever RSU/ESPP that was released in the last year.

NOTIFICATION FORM FOR DIRECTOR/CHIEF EXECUTIVE OFFICER IN RESPECT OF INTERESTS IN SECURITIES

TAN SU SHAN
No. of ordinary voting shares/units held: 1,469,979
No. of ordinary voting shares/units held: 1,369,979

https://links.sgx.com/FileOpen/_FORM1_TS...eID=889298

From 2021 to 2025 March when Piyush Gupta stepped down as CEO, he has regularly sold off his DBS shares every year. The share price ranges from $29 to $42. A total of 1.61 million shares were offloaded during that period. Total value was approx $50m.

C-suites sell off their shares all the time. May be for personal reasons. Not necessarily calling for a market top or excessive valuation. Investors who sold along with Piyush Gupta were left sorely dissappointed.

Another reason the Executives and Directors need to sell some of their holdings to cover for their tax. For stock compensation, I believe its based on the share price at the point of vesting (or ownership transfer to tax payer).

So, if CEO has 500K shares vested today at $60, that will be $30m of income for the year of assessment. Assuming 20% tax bracket, the CEO has to pay additional $6m tax on top of the annual cash salary.  So, selling 100K of shares at $60 will net the amount needed to cover the tax liability exactly.

However, if, say, the share price dropped by 50% over 1 week, that $6m tax amount remain the same.  So, CEO may need to sell 200K shares (double the number) to meet the same tax liability.  Normally, its more financially prudent to secure the tax liability risk at close to the exercise price.  Moreover, CEOs are insiders, so there are restrictions or blackout periods where trade is not allowed (example, quiet period before earnings announcement or before release of major company news).

That is my understanding as I had worked in tech companies where stock compensations are common compensation for rank and file employees. Hence, I don't always view share sales by executives and directors negatively as long as they still hold significantly portions of their holdings.

[jfc18]

I suppose with a BT headline like this - ‘Even a CEO’s job can be replaced by AI’: DBS CEO Tan Su Shan bets big on agentic AI.....it is understandable that Miss Tan Su Shan is diversifying her bet and working on her FIRE journey...

Jokes aside.

hi jfc18,
Thanks for detailing the new Keppel Ltd chairman's previous DBS sales. Piyush Gupta took the job in 2009 and I will assume he hasn't sold too many shares in his earlier years? Personally, I think it is normal for a hired top gun to take action to diversify his wealth as part of general risk mgt when certain portions become too large relative to the rest. But this generally does not happen 1 year into the tenure. To clarify, I am not criticizing Miss Tan nor want to over interpret the sale. But her action of selling down ~1 year worth of RSU/ESPP just 1 year into her CEO tenure is not something familiar on the local bourse, and therefore I thought it is something interesting as it fell outside of my pattern recognition (or my pattern recognition is wrong which i hope to correct).

The old adage for insiders' share activities is: "There are many reasons for selling but only one for buying, ie. the insider thinks it is going up". But from my own observation over the years, insider buying/selling is only meaningful as a signal when it is viewed in context with factors like the quantum, business cycles etc. Without those nuances, it is mostly noise.

Hi weijian,

For context, Piyush joined DBS in 2009 and sold his first DBS share in 2021. Sushan joined DBS in 2010 and sold her first DBS share in 2026. Just like her predecessor, I wouldn’t be surprised if Sushan keeps offloading some of her DBS shares every year going forward.

[weijian]

Hi weijian,

For context, Piyush joined DBS in 2009 and sold his first DBS share in 2021. Sushan joined DBS in 2010 and sold her first DBS share in 2026. Just like her predecessor, I wouldn’t be surprised if Sushan keeps offloading some of her DBS shares every year going forward.

hi jfc18,

I think we should only look at the CEO tenure period as it would be more comparable in terms of responsibility and remuneration (pay quantum and how it is structured). In addition, I am not sure if Miss Tan Su Shan need to reveal her share holdings publicly before she was appointed as CEO?

[cmeng_chan]

Hi weijian,

For context, Piyush joined DBS in 2009 and sold his first DBS share in 2021. Sushan joined DBS in 2010 and sold her first DBS share in 2026. Just like her predecessor, I wouldn’t be surprised if Sushan keeps offloading some of her DBS shares every year going forward.

hi jfc18,

I think we should only look at the CEO tenure period as it would be more comparable in terms of responsibility and remuneration (pay quantum and how it is structured). In addition, I am not sure if Miss Tan Su Shan need to reveal her share holdings publicly before she was appointed as CEO?

I believe appointment holders like CEO, CFO and directors need to report any change in shareholdings.

CORRECTION. Based on latest 15May2026 notice,  her current shareholding is 1369979 shares after disposal of 100K.

https://links.sgx.com/1.0.0/corporate-an..._FINAL.pdf

[apenquotes]

DBS Bank's record profit: Adapting to new financial realities.

https://apenquotes.wordpress.com/2026/06...realities/


https://www.youtube.com/watch?v=6y5niN6-78w&t=270s