In Caracas, retiring Venezuelan President Romulo Betancourt turns the reins of office over to Raul Leone. This is the first time in 150 years that an elected President has been able to succeed an incumbent in the country.... Caracas , Venezuela. This is truly an historic day in Caracas Caracas, Venezuela Retiring Venezuelan President Romulo Betancourt goes to pray and then he walks over to the office of Paul Leone to turn over the reins of the Presidency . MLS - Dr. Paul Leone and President Romulo Betancourt shaking hands. This is the first time in history that the reins have been passed on without riots and bloodshed. MS - The Presidential Sash is passed from one President to the next. MS - The two men hugging