WASHINGTON (NEXSTAR) — Wednesday Senate Minority Leader Mitch McConnell announced he’s stepping down from his leadership position in November.

The 82 -year-old is the longest serving Senate leader in history. On the Senate floor he said, “it’s time for a next generation of leadership.”

McConnell says he will now work with his party to elect a new leader that will take on the post starting next January. He intends to finish his Senate term which ends January 2027.

“To serve the people of Kentucky has been the honor of my life, to lead my Republican colleagues has been the highest privilege,” said McConnell.

McConnell received a standing ovation following his speech and was met with handshakes from both Democrat and Republican senators on the Senate floor.

Shortly after at the White House, President Joe Biden told reporters he was sorry to hear the news and characterized his relationship with the Senate minority leader as an honest one.

In a statement issued later President Biden said, “I’m proud that my friend Mitch McConnell and I have been able to do that for many years, working together in good faith even though we have many political disagreements.”

Former Speaker of the House Nancy Pelosi (D-Calif.) issued a similar statement.

“While we often disagreed, we shared our responsibility to the American people to find common ground whenever possible. I send best wishes to him and Elaine as they prepare for their next chapter.”

On the floor Sen Susan Collins (R-Maine) thanked McConnell for showing leadership even, “when it wasn’t popular to do the right thing.”

McConnell’s popularity recently dropped within his caucus after he worked with Democrats to pass a compromise bill to send aid to Ukraine, without addressing the border.

Wednesday McConnell made no apologies for his policy position.

“I believe more strongly than ever that America’s global leadership is essential,” said McConnell.

Sen Josh Hawley (R-Mo.) who’s long opposed McConnell’s leadership tactics says he’s happy to see him go.

“My only question is why wait so long, ” said Hawley.

While McConnell noted that his age did factor into his decision to step down, he made no mention of his health during his speech. McConnell’s cognitive abilities have come under speculation after he fell last year and suffered a concussion.

McConnell’s office contends he is in good health.