Lim Boon Heng has been appointed chairman of Temasek Holdings (Private) Ltd, effective Aug. 1.
Mr. Lim will become the fourth chairman of the Singapore government's strategic investment arm, set up in 1974. He replaces Suppiah Dhanabalan, who will retire after 17 years in that post, according to a Temasek news release Monday.
Mr. Lim — who served more than 30 years through 2011 in Singapore's parliament, following 10 years with local shipping company Neptune Orient Lines — was appointed to Temasek's board on June 1, 2012.
Temasek's investment portfolio was valued at a record S$215 billion (US$170 billion) as of the March 31, 2013 close of its latest fiscal year.