SINGAPORE (AP) — Singapore Prime Minister Lee Hsien Loong said Monday that he will step down on May 15 after two decades at the helm, and hand power to his deputy Lawrence Wong.

Lee, 72, will formally advise the city-state’s president to appoint Wong, who is currently deputy prime minister and finance minister, to succeed him, his office said in a brief statement. Wong, who has the unanimous support of lawmakers in the long-ruling People’s Action Party, will be sworn in at the national palace later the same day, it said.

Lee has served as prime minister and head of the PAP since August 2004.

Lee announced last November that he would retire this year and has already named Wong as his designated successor. Lee originally planned to step down before turning 70, but those plans were shelved because of the COVID-19 pandemic.

“For any country, a leadership transition is a significant moment. Lawrence and the 4G (fourth-generation) team have worked hard to gain the people’s trust, notably during the pandemic,” Lee said in a Facebook post on Monday. “I ask all Singaporeans to give Lawrence and his team your full support, and work with them to create a brighter future for Singapore.”