Singtel has announced that Simon Israel has stepped down as chairman and director of the board on July 30. 

Israel has served as chairman since July 2011 and on the Singtel board since 2003, and will now be succeeded by chairman-designate Lee Theng Kiat.

Lee is chairman of Temasek International and concurrently executive director of parent company Temasek Holdings, Singtel’s largest shareholder. 

Prior to joining Temasek in 2012, Lee was President and CEO of both ST Telemedia Pte Ltd and STT Communications Ltd.

Shares of Singtel closed at $2.48 on Thursday, down 2 cents or 0.8% lower than its last close of $2.50.