Temasek, the Singapore investment management firm, has named a new chairman.

The 75-year-old S Dhanabalan is retiring from the company after serving 17 years as chairman. He will be succeeded by ;tag|Lim Boon Heng">Lim Boon Heng, the former Singapore labour chief, effective 1 August 2013.

Dhanabalan leaves at a high time for the firm, which records some S$215 ($173 billion) billion worth of assets in its portfolio as of 31 March. This is roughly S$17 billion higher than the previous year. He is the company's longest-serving chairman and will remain an honorary advisor after he steps down.

The chairman role is a non-executive position. 

Lim joined Temasek in 2012 after a 30-year stint in Singaporean politics.