King Juan Carlos of Spain today announced that he would be stepping down from the throne after a 39-year reign. The news was announced by the Spanish Prime Minister Mariano Rajoy who also said that the King's son Prince Felipe would be his father's successor to the throne. King Juan later spoke on television and explained his decision to abdicate. "A new generation is quite rightly demanding to take the lead role," said the 76-year-old. After the Francisco Franco dictatorship, King Juan was a prominent figure in shaping Spain's transition to democracy in the 1970s. However, in recent years his popularity has waned due to a number of scandals. His daughter, Princess Cristina, and her husband, Inaki Urdangarin, are currently under investigation in a corruption case. A privately funded elephant-hunting trip came at the height of Spain's financial crisis and this contributed to his fall from grace. His son, Prince Felipe is married to a journalist named Leticia Ortiz and they have two daughters. A recent Spanish poll, compiled by Sigma Dos, showed that 46-year old Felipe has a positivity rating of 66%. It is believed that he can win the favour of the Spanish people and thus help the monarchy to recover its prestige.