Dilhan Pillay Sandrasegara was named CEO of Temasek International, a spokesman said.
Mr. Pillay, who is deputy CEO, will succeed Lee Theng Kiat in the role on April 1. Mr. Lee was appointed chairman and will replace Ho Ching as chairman.
Mr. Pillay will be responsible for active ownership and shareholder engagement. He will oversee the operations and resources of the firm, which is the investment arm of parent company Temasek Holdings.
As chairman of Temasek International, and executive director of Temasek Holdings, Mr. Lee will be overseeing the firm's development and work closely with Mr. Pillay on commercial and portfolio management strategies.
"We have been working for some time to build a strong leadership bench in Temasek, and I know (Mr. Pillay) will bring his vision and passion for our mission to his new role. I look forward to working with (him) in his role as the new CEO," Mr. Lee said in a news release.
Temasek, a Singapore government-owned sovereign wealth fund, has S$308 billion ($228 billion) in assets under management.