Drakeford said: "I have today formally notified the chair of the Welsh executive committee of my intention to stand down as leader of Welsh Labour in March 2024.
"When I stood for the leadership, I said that, if elected, I would serve for five years. Exactly five years have passed since I was confirmed as first minister in 2018. Nominations for my successor as Welsh Labour leader will open shortly. The process will be concluded by the end of the spring term, to enable the name of the winner to be put to the Senedd before the Easter recess. In the meantime, I remain your first minister."
He added: "In a five-year period, which has seen Wales deal with austerity, Brexit, the Covid pandemic, the climate crisis, wars in Ukraine and the Middle East, and four different prime ministers - so far - there will be lots to reflect on.
"The next Welsh Labour leader and first minister will, I hope, have the opportunity, which has not come my way, to work with a newly elected Labour government in London. I will work as hard as I can to see that Labour government elected."
Drakeford had long said he would leave the post before the end of the current Senedd term in 2026 and in August made it clear he would leave the Welsh parliament completely at the next election.
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