MOSCOW (AP) — The prime minister of Kazakhstan resigned Monday after leading the oil-rich Central Asian nation for more than five years and shepherding its economy through the global financial crisis.

Karim Masimov has been appointed to take charge of the presidential administration in a sign of his enduring influence in a country where power lies almost entirely in the hands of the head of state.

Masimov was the longest-serving head of government in the former Soviet nation's history and was widely respected in the international investor community. He has been seen as an influential and competent steward of economic affairs.

His resignation as prime minister had long been expected.

President Nursultan Nazarbayev has nominated current deputy prime minister Serik Akhmetov to take over from Masimov.