Singapore Prime Minister Lee Hsien Loong has named a deputy in a Cabinet reshuffle, in a possible indication of his successor.

His office said Tuesday that Heng Swee Keat would be promoted to deputy prime minister. Heng has been finance minister since 2015. He will keep that post when the appointment takes effect on May 1.

Lee, who is 67, intends to step down in the coming years. He said Heng's promotion was "part of the ongoing leadership renewal."

"The next generation leadership is taking shape, and progressively taking over from me and my older colleagues," he said in a Facebook post.

Heng was managing director of Singapore's central bank during the 2008 financial crisis. In 2011, he won his first election and was appointed education minister.