Bangkok, Thailand ? In a stunning about-face, Prime Minister Thaksin Shinawatra announced Tuesday he would step down, bowing to a mounting opposition campaign seeking his ouster over allegations of corruption and abuse of power.

Thaksin made the announcement in a televised speech shortly after meeting with Thailand’s greatly revered King Bhumibol Adulyadej at his seaside palace in Hua Hin.

The 56-year-old telecommunications magnate, who swept to power in a landslide in 2001, said he would remain in a caretaker role until a successor is chosen, adding that his replacement would be selected once Parliament resumes within the next 30 days.

His abrupt announcement came just two days after his party won parliamentary elections and a day after he said he intended to remain in power.