Algerian President Abdelaziz Bouteflika announced on Monday that he would not seek a fifth term in office, bowing to weeks of mass demonstrations against his rule. After 20 years in power, Bouteflika, 82, announced the dramatic move in a letter to the Algerian people released by his office. He also postponed next month’s presidential elections and vowed an interim leadership structure to plan new elections. He said he will not seek to run again. He did not set a new date for the elections. Prime Minister Ahmed Ouyahia resigned. The presidency said a cabinet reshuffle would be announced shortly. Bouteflika met his army chief of staff. Tens of thousands of people from all social classes have been demonstrating almost daily against Bouteflika’s decision to stand in the election, rejecting a stale political system dominated by veterans of an independence war against France that ended in 1962. Bouteflika, who returned to Algeria on Sunday after medical treatment in Switzerland, has watched one long-time ally after another join mass demonstrations calling on him to step down. Jubilant Algerians took to the streets following Bouteflikas announcement. Hundreds of people, young and old, joined the throng, jumping up and down with excitement. Cars beeped their horns in approval. “Our protests have borne fruit! We defeated the supporters of the fifth term!” said taxi-driver Mohamed Kaci, 50. Frances Foreign Minister Jean-Yves Le Drian welcomed Bouteflikas announcement and hailed his decision to "take measures to renew Algerias political system". "Following large demonstrations, that took place peacefully and in a dignified manner across Algeria, France expresses its hope that a new dynamic that responds to the aspirations of the Algerian people can get under way quickly," he said.