(CNN) -- Fidel Castro announced his resignation as president of Cuba and commander-in-chief of Cuba's military on Tuesday, according to a letter published in the state-run newspaper, Granma.
Fidel Castro, shown in an undated file photo, took power in Cuba in 1959 and reigned with an iron hand.
Castro, 81, temporarily handed power to his younger brother Raul Castro in July 2006 after undergoing intestinal surgery. He hasn't been seen in public since his surgery, but he has appeared in numerous videos and photos in state media.
In December 2007, a Cuban television news anchor read a letter reportedly written by Fidel Castro promising he would not "cling to office" or be an impediment to rising young leaders.
Castro took power in Cuba in 1959 and has ruled the island nation ever since, governing the first communist nation in the Western Hemisphere.
Fidel Castro captured the world's attention and imagination at 32 when the bearded revolutionary led a band of guerillas that overthrew a corrupt dictatorship -- and then became an irritating thorn in Washington's paw by embracing communism and cozying up to the Soviet Union.
For the next 47 years, Castro reigned in Havana with an iron hand, outlasting nine American presidents and defying a punishing U.S. economic embargo designed to dislodge him. E-mail to a friend
Fidel Castro, the Cuban president who seized power in a 1959 revolution, has stated in a quote in Cuba's state-run newspaper ''Granma'' that when the National Assembly of Cuba meets on February 24 he "will not aspire to or accept... the positions of President of Council of State and Commander in Chief."

81-year-old Castro handed over control to his 76-year-old brother Raúl when he underwent surgery in July 2006. "It would betray my conscience to take up a responsibility that requires mobility and total devotion, that I am not in a physical condition to offer," Castro explained.

United States President George W. Bush said, "I believe that the change from Fidel Castro ought to begin a period of democratic transition."  Although, John Negroponte, Deputy Secretary of State, said that this does not mean that the 1962 trade embargo will be lifted "any time soon."

European Union said that it hopes to improve relations with Cuba, which were almost at a standstill under Castro. Spokesperson John Clancy said the EU is willing to engage with Cuba in constructive dialogue to foster a peaceful transition to pluralistic democracy in Cuba.

China said it will maintain its current cooperation with Cuba and termed Fidel Castro an old friend. A spokesperson for the foreign ministry of Vietnam similarly praised Castro as a great friend and comrade.

BBC reports that Raúl Castro is seen by analysts as the likely choice as successor by the National Assembly, though some see 56-year-old Carlos Lage Dávila as potential candidate. Lage is currently Vice-President and Executive Secretary of the Council of Ministers.

The decision is scheduled for February 24, 2008.