Trade agency IE Singapore will have a new chief executive officer in the new year, after it said that its current head will step down.

Mr Teo Eng Cheong, who was appointed IE Singapore's chief executive in 2011, will leave the agency on Dec 31 for the private sector, IE Singapore said on Tuesday.

He will join Surbana Jurong as CEO (International) effective Jan 1, 2016.

Mr Chua Taik Him, currently deputy CEO of IE Singapore, will be appointed the acting CEO of IE Singapore with effect from Jan 1, 2016, until a new CEO is appointed.