SINGAPORE — Former Singapore Senior Minister and Deputy Prime Minister Teo Chee Hean will become the fifth chairman of Temasek Holdings effective Oct 9, the state investment company announced Friday.

Temasek said he will succeed Lim Boon Heng, who will step down from the Temasek Board after serving as chairman for 12 years.

Teo will join Temasek’s board of directors as deputy chairman on July 1.

The company said Teo, a former political stalwart, has advanced Singapore’s interests, including in critical areas such as geopolitics, cybersecurity and technology, climate action, as well as defence and security.

“In a rapidly changing world, his wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company,” Temasek said in a statement.