Singapore Prime Minister Lee Hsien Loong, 72, announced on Monday he will hand over power to his successor, Lawrence Wong, on May 15.
Wong, 51, is currently the deputy prime minister and finance minister of Singapore, and has been prime minister-in-waiting since 2022.
In a statement posted on the website of the Prime Minister's Office, Lee called the leadership transition a "significant moment".
"I will relinquish my role as Prime Minister on 15 May 2024 and Deputy Prime Minister Lawrence Wong will be sworn in as the next Prime Minister on the same day. Lawrence and...team have worked hard to gain the people's trust, notably during the pandemic."
Wong did not immediately comment.
An election is expected to follow in the months after the handover of power.
Wong was anointed as PM-in-waiting in April 2022 after a rare fumble in leadership transition when the previous successor stepped aside unexpectedly and derailed the typically carefully choreographed leadership planning.
