DUP leader Arlene Foster announced Wednesday her resignation as party leader and as Northern Ireland's First Minister.
Foster stated that she will step down as leader of her party on May 28 and as First Minister by the end of June.
It follows widespread speculation over her position after the revelation on Tuesday that at least 75% of her party MLAs had signed a letter expressing no confidence in her leadership.
In a statement released by the DUP on Wednesday afternoon, Foster revealed that she would give party officers the space to arrange an election for a new leader.
"As first minister it is important that I complete work on a number of important issues for Northern Ireland alongside other Executive colleagues," she said.
"Northern Ireland and its people have been heavily impacted by the Covid-19 pandemic and there remains more work to be done to steer us thorough the pandemic and to lessen its impact on the lives of everyone."
Accordingly, deputy First Minister Michelle O'Neill said she wished Foster well on hearing when she informed her of her intention to step down.
"I have worked alongside Arlene Foster this past year in what has been a difficult and challenging time for everyone with the unexpected onset of the Covid pandemic," O'Neill affirmed.
"Throughout the pandemic I acknowledge the efforts Arlene Foster has made as First Minister, and the service that she has given in working with the rest of the Executive as we have battled the biggest health crisis in a generation."
Moreover, she asserted that the next leader of the party had to acknowledge the change in the political landscape and the need for reform.
"The public and electorate want the parties to enter into a new era and make politics work in their interests. This is certainly my top priority now and in the time ahead."