Temasek Holdings Pte Chairman Lim Boon Heng is stepping down and will be succeeded by Teo Chee Hean, marking a significant shift in leadership after he served in the role for 12 years.

Teo will replace Lim on Oct. 9, the state-run investment firm said in a statement on Friday. As part of the change, Deputy Chairman Cheng Wai Keung and director Stephen Lee will leave the board on June 30. Director Bobby Chin will also retire on July 31.

Incoming Chairman Teo is former political figure who has helped Singapore develop in critical areas like geopolitics, cybersecurity and technology, as well as defense and security, Temasek said. He has spent 53 years in public service.

Temasek is one of the biggest state-owned investment firms in the world. It grew its net portfolio value from S$223 billion ($174 billion) to S$389 billion in the 10 years through March 2024. It boasts a footprint across Europe and the US, which now hosts six of its 13 international offices.

Teo will join Temasek’s board on July 1.

“In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change,” Teo said in a statement.