Deputy Prime Minister Lawrence Wong, 51, will become Singapore's fourth Prime Minister on May 15, 2024.
Wong will be sworn into office at 8pm that day.
In a statement to the press on Monday (April 15), Prime Minister Lee Hsien Loong said he would relinquish his role in a month's time.
He will also formally advise the President to appoint Wong to succeed him.
In a Facebook post on Monday, Lee said that a leadership transition is a significant moment for any country.
"Lawrence and the 4G team have worked hard to gain the people's trust, notably during the pandemic," he added.
"Through the Forward Singapore exercise, they have worked with many Singaporeans to refresh our social compact and develop the national agenda for a new generation."
Posting an update on his Facebook page too, Wong said he is "honoured" to be asked to undertake the responsibility as the Prime Minister of Singapore.
"I accept this responsibility with humility and a deep sense of duty. I pledge to give you my all in this undertaking. Together, we can build a future that shines brightly for all Singaporeans."
PM Lee, 72, said last year that he would step down by November 2024 if all goes well, and before the next general election (GE). The next GE has to be held by November 2025.
In April 2022, Wong was endorsed as the leader of the ruling People's Action Party's (PAP) fourth-generation (4G) team, paving the way for him to be Singapore's next prime minister.
The decision was then endorsed by all government MPs in a party caucus, said PM Lee, who is secretary-general of the PAP.
Wong had emerged as the top choice with 15 out of the 19 stakeholders backing him.
The 19 were all Cabinet ministers, excluding PM Lee and two senior ministers, and included former Speaker of Parliament Tan Chuan-Jin and NTUC secretary-general Ng Chee Meng, both former 4G ministers.
Lee's announcement came about a year after Deputy Prime Minister Heng Swee Keat said in 2021 that he would vacate the role for a younger person with a longer runway.
Heng, who turned 60 that year, cited the long-term and profound challenges of the Covid-19 pandemic, and the demands of the top job and his age, as reasons for his decision.
Wong was former PPS to PM Lee
Before entering politics, Wong was on a government scholarship to read economics at the University of Wisconsin-Madison in the United States.
He also has a Master's degree, also in economics, from that university.
After graduation, he joined the civil service as an economist in the Ministry of Trade and Industry in 1997.
From 2005 to 2008, Wong became principal private secretary to PM Lee, before entering politics in 2011 as the youngest of five candidates tipped to form the core of the PAP's 4G leadership.
He was formerly the Member of Parliament for West Coast GRC, before moving to Marsiling Yew-Tee GRC in 2015 where he currently serves.
In 2014, Wong was promoted to Minister for Culture, Community and Youth, and became Minister for National Development the next year.
In 2020, Wong was selected by then Health Minister Gan Kim Yong to co-chair the Covid-19 Multi-Ministry Taskforce, which oversaw the government's response to the pandemic.
He would make his mark at media briefings for his explanation of the various policies.
Wong was also Education Minister from July 2020 to May 2021.
He later became the Minister for Finance in 2021, taking over from Heng.
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