Britain’s new king will be formally known as Charles III, his Clarence House residence confirmed Thursday, after suggestions that Queen Elizabeth II’s heir might have taken a different regnal name. Charles is now the oldest person to take the British throne.

Charles’s eldest son William inherits the duchy of Cornwall in addition to his current title of duke of Cambridge.

Here is the full statement issued by Buckingham Palace after Charles, 73, ascended the throne following his mother’s 70-year reign:

“The death of my beloved mother, her majesty the queen, is a moment of the greatest sadness for me and all members of my family.

“We mourn profoundly the passing of a cherished sovereign and a much-loved mother. I know her loss will be deeply felt throughout the country, the realms and the Commonwealth, and by countless people around the world.

“During this period of mourning and change, my family and I will be comforted and sustained by our knowledge of the respect and deep affection in which the queen was so widely held.”