You can assign the same set of permissions as you to the new manager. Additionally, you can mass edit user profiles to change the supervisor from you to the new manager. In case you are added as the project/Client manager or the client Representative then that needs to be manually changed too. As for your current profile, you can disable the profile by going to the License section within your user profile.
Please let us know if you need help with any of the above changes and I will have our Support team reach out to you regarding the same.