Indian-origin Dilhan Pillay Sandrasegara will be appointed as the CEO of a wholly-owned management and investment arm of state investor Temasek Holdings in Singapore from April 1.
Sandrasegara, 55, will take over from Lee Theng Kiat, who will become the chairman next month, the firm said in a statement.
Currently, Lee is the CEO of Temasek International, a wholly-owned management and investment arm of Temasek Holdings, the lead investor of Singapore.
Lee will take over from Ho Ching, the wife of Prime Minister Lee Hsien Loong, as chairman of Temasek International, the firm said in a statement.
The management change announcement was made by 65-year-old Lee at a staff briefing, according to a Channel News Asia report.
"We have been working for some time to build a strong leadership bench in Temasek, and I know Sandrasegara will bring his vision and passion for our mission to his new role," he said.
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"Sandrasegara has the ability to connect the dots, a keen eye for details and practical solutions, and a boldness to break new ground in anticipation of longer term trends.
"He also has the support of his peers and colleagues to take the lead and reshape Temasek to be more ready to invest into a better, smarter and more connected world, and in a new environment with cyber threats and technological opportunities," elaborated Lee.
Sandrasegara said Temasek has evolved beyond Singapore and Asia.
"The world is much more connected now. We look at global trends, invest across the world, and are constantly adapting ourselves to stay relevant," the Channel News Asia quoted Sandrasegara as saying.
As CEO of Temasek International, Sandrasegara will be responsible for Temasek's roles as investor and shareholder, as well as oversee the operations of the firm and its talents and resources.
Temasek's largely Asia-based portfolio has more than doubled from Singapore dollar103 billion in 2005 to 266 billion dollar a decade later, rising further to S$308 billion by March 2018.