(CNN) -- King Juan Carlos I is stepping down from the Spanish throne after nearly 40 years, handing power to his son after a series of scandals that has dented the royal family's popularity. The King said Crown Prince Felipe, a former Olympic yachtsman, has "the maturity, the preparation, and the sense of responsibility necessary" to serve as king and "to lead to a new stage of hope using his experience and the drive of a new generation." Prince Felipe, 46, is regarded as being untouched by the accusations of corruption and excess that have plagued the royal family as many Spaniards continue to struggle to find jobs and pull themselves out of financial ruin.
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Spain's King Juan Carlos I abdicates throne after nearly 40 years
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King's only son Felipe, a former Olympic yachtsman, to be sworn in within weeks
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Georgetown-educated Crown Prince married former CNN+ anchor Letizia Ortiz in 2004
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Spain's monarchy dogged by allegations of corruption and excess in recent years
The @placeholder has increasingly stood in for the King at a variety of official engagements in recent years as his father's health has faltered.