Singaporean Prime Minister Lee Hsien Loong will relinquish his office and hand over power to Deputy Prime Minister Lawrence Wong in May. This will be the country's first change of prime minister in nearly two decades.

Lee announced on social media on Monday that he will step aside on May 15 and Wong will be sworn in on the same day. He asked all Singaporeans to give Wong and his team their "full support" and work with them to create a "bright future for Singapore."

In a video statement, Wong said, "I accept this responsibility with humility and a deep sense of duty. I pledge to give you my all in this undertaking."

72-year-old Lee is the eldest son of Singapore's first prime minister, Lee Kuan Yew.

The younger Lee was sworn in as the nation's third prime minister in 2004 and has led one of Asia's richest nations for nearly 20 years.

Wong, a former bureaucrat, has long been viewed by many as a leader of the next generation.