Spanish Prime Minister Mariano Rajoy announced Monday that King Juan Carlos has decided to abdicate after almost 39 years on the throne.
The 76-year-old monarch will be succeeded by his son Felipe Juan Pablo Alfonso de Todos los Santos de Borbon, the Prince of Asturias and the heir to the throne, as head of state, Xinhua reported.
Rajoy announced that King Juan Carlos would provide information regarding his abdication later in the day.