Piyush Gupta retires from DBS: How CEOs shape a brand's public perception

DBS chief executive Piyush Gupta will be stepping down after 15 years heading the bank. He will be succeeded by DBS banker Tan Su Shan as of March 2025 which is the date of the bank's next annual general meeting, according to a statement by DBS.

The announcement of Gupta stepping down has garnered extensive global media coverage across various platforms. Over the past 24 hours, media intelligence firm Truescope tracked over 1,700 unique mentions related to DBS, Gupta, and Tan, generating more than 1.1 billion potential impressions and 400,000 social engagements.

Don't miss: DBS chief executive Piyush Gupta to step down after 15 years

The story also emerged as one of the most discussed topics in Singapore during this period. The news significantly boosted global coverage, with a marked increase in positive coverage on 7 Aug compared to previous days.

Online news outlets reported on the announcement with a focus on factual details, highlighting Gupta's significant achievements during his tenure and Tan's extensive experience within the group, said Kelvin Koh, managing director of Truescope. 

Notably, media outlets emphasised that Tan's appointment as the first female CEO of Southeast Asia's largest bank is a "historic milestone", said Koh. 

Koh also said that on social media, netizens viewed the leadership change positively, with the majority expressing positive sentiments towards Tan. Many congratulated her on her historic appointment as the first female CEO of DBS, and there was a "palpable sense of national pride" in having a local Singaporean ascend to this prominent role.

When comparing the share of voice across DBS, Gupta, and Tan, Gupta remained synonymous with DBS, yet Tan was mentioned in a respectable one-third of the media coverage. Her coverage was characterised by strong positive sentiments, said Koh. 

This strong coverage underscores the substantial media and public interest in the leadership transition at DBS, highlighting both the legacy of Gupta and the historic significance of Tan's appointment, he added. 

The importance of a CEO in shaping brand perception

CEOs are the public face of any company and how they conduct themselves externally is as important as their performance internally within the company as it can really shape brand perceptions as seen with DBS, according to Asiya Bakht, founder of Beets Public Relations. 

"In the hyperconnected digital world that we live in, an important skill set for a CEO is managing their online image. They need to stand for issues and topics aligned to their company's interest and have a clearly defined strategy on the use of digital platforms ranging from social media to internal communication platforms to industry events," she said, adding:

As the face of the company, they are in a rare position to humanise their business or brand by bringing their authentic selves and building a relationship with different stakeholders.

Bakht went on to explain that Gupta leaves a "stellar" legacy when it comes to brand perception of DBS. He can be credited with bringing DBS at the front and centre of Singaporean experience, leading the bank during arguably the most challenging and important phase of its digital transformation, she said. 

"He seems to have consciously focused on building the DBS brand too, much more than other banks, which is unusual for bank executives. The bank has rolled out some of the most creative and effective work under his leadership," she added. 

True enough, Gupta has worked hard to shape the image of the brand both personally and through major campaigns. 

Some of the biggest campaigns that have happened under his charge was when DBS changed its tagline from “Living, Breathing Asia” to “Live more, Bank less”, the former being the company’s brand promise since 2006.

An initial investment of SG$30million was set aside to bring this new brand proposition to markets the brand has a presence in across Southeast Asia, Greater China and South Asia, the bank said in 2018. 

Following the move, the bank rolled out a new brand marketing campaign across all markets it is present in starting with Singapore. This includes 10 video collaterals in a campaign which also comprises digital assets, print, out of home, cinema as well as content marketing. Tribal Worldwide Singapore was involved in developing the work for the rebrand at the time. 

Since then, DBS has continued to embody its tagline and brand values with campaigns that seek to involve the region and lend a personal touch. 

In 2022, DBS made a big splash with a regional campaign that reflects its belief that, by behaving more like a startup, more like a techie, more like an eco-warrior, and less like a "traditional bank, it can be a bank for the times – because a post-COVID world demands for a different kind of bank.

The brand campaign builds on what DBS wants to stand for and aims to defy the status quo of what being a bank means.

Most recently, Gupta fronted a campaign with Singaporean kitefoiler Maximilian (Max) Maeder to galvanise youth to believe in themselves and pursue their aspirations, even if it means taking the path less travelled. 

In an interview with DBS CEO Piyush Gupta and Maeder, the pair discussed the parallels between the bank and athletes, and how being empowered to overcome doubt and aim high enabled the organisation and kitefoiler to perform at their highest level. 

Throughout the interview, both Gupta and Maedar emphasise on "trusting their spark" too. 

True enough, Maureen Tseng, managing director, Southeast Asia, The Hoffman Agency explained that Gupta is one of those "rare CEOs" that are a true thought leader. "He represents stability, credibility and a commitment to innovation and sustainability, all traits synonymous with DBS. Under his stewardship, DBS' brand value has grown from strength to strength to the powerhouse it is today," she said. 

Breaking the corporate image

Beyond charting the direction of a brand, a good CEO also needs to be a face for the brand. 

"CEOs tend to be the face of memorable brands - think Apple, Microsoft, Virgin Atlantic and Air Asia. A brand with a strong leader helps to humanise it," said Charu Srivastava, co-founder at TriOn & Co. 

This breaks the image of large corporations being heartless and emotionless machines. Humans feel, humans make mistakes.

She added that the actions of CEOs directly impacts loyalty, trust, recall of the companies that they lead. This is evident with all the brands mentioned for both the better and the worse.

"There is a lot of responsibility on CEOs to carry a brand, to shape its reputation and trust with stakeholders. This is increasingly crucial in a world of distrust, misinformation and evolving crises that come with new and emerging technologies," she said, added that a strong leader can go a long way in determining how a company survives these storms.

Srivastava also explained that Gupta has been a strong leader for DBS over the last 15 years. "His openness in engaging stakeholders, across levels, has made him and DBS a household name. He truly embraced DBS culture and values to further strengthen them through action," she said. 

She added that his actions and vulnerability in the face of crisis have shown that he, and in turn DBS, care. Stakeholders beyond industry and shareholders also have a sense of being seen and heard.

"Despite the crises, DBS has continued to be a trusted brand in Singapore and internationally. Gupta leaves big shoes to fill and a strong legacy to maintain and build upon," she said. 

Agreeing with her, Edwin Yeo, general manager at Strategic Public Relations Group said that very simply, a good CEO delivers on the strategic direction of an organisation.

"While there are many different types of CEOs, they are usually judged by how they manage to achieve the desired outcomes of shareholders. Shaping perceptions of a brand is a means to that end," said Yeo. "Some CEOs, such as Elon Musk, adopt a rock star personality, while others tend to be more low key and depend on their teams to formulate brand strategies not dependent on their personalities."

Yeo explained that the majority of successful brands tend to favour the latter, where CEOs tend to make only select public appearances, and usually work with their comms team to ensure they deliver on the strategic branding of the company.

"This is more apparent in traditional MNCs. For start-ups though, where many times the founder is also the CEO, they usually take a different path," he added. 

For now, Tan has big shoes to fill as she crafts her own path and image as the CEO of the bank. But, as she told reporters at a media briefing last night, while she might have big shoes to fill, she wears different shoes from Gupta. 

Photo courtesy of Piyush Gupta/LinkedIn

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