By Yantoultra Ngui

SINGAPORE, June 6 (Reuters) - Singapore's state

investment company Temasek Holdings said on Friday that former

minister Teo Chee Hean will become its next chairman on October

9, succeeding Lim Boon Heng.

Teo, who will join Temasek's board of directors as deputy

chairman on July 1, served as Singapore's deputy prime minister

from 2009 to 2019 and as a senior minister from 2019 until he

stepped down from politics in May 2025.

Temasek said Teo's leadership during a 53-year career in

public service, including as a former navy chief, had advanced

Singapore's interests in key areas from geopolitics and

cybersecurity to climate action and defence and security.

"With his extensive experience in public service and deep

understanding of Singapore's strategic priorities, I am

confident he will build on Temasek's strong foundations, and

steer its continued success in an increasingly complex global

environment," Prime Minister and Finance Minister Lawrence Wong

said in a separate statement.

Under Lim, who was chairman for 12 years, Temasek's net

portfolio value grew to S$389 billion ($303 billion) in March

2024 from S$223 billion in the corresponding month a decade

earlier, it said.

Some of Temasek's notable deals during Lim's tenure include

investments into Alibaba ( BABA ) and BlackRock ( BLK ) and

divestments of older real estate assets in Singapore and China

to reallocate capital toward the tech, healthcare and

sustainability sectors.

The firm also expanded in Europe and the United States,

which now host six of its 13 international offices.

"Under his stewardship, Temasek has expanded its global

presence, strengthened its governance processes, and established

itself as a leader in sustainable development," Wong said.

Other board changes will see current deputy chairman Cheng

Wai Keung and director Stephen Lee retire on June 30, it added,

while director Bobby Chin will retire on July 31.

($1=S$1.2845)