EDDIE McGuire will stand down as Collingwood president at the end of 2021, announcing the shock move at the Magpies' members forum on Monday night.
McGuire, who took over the Magpies' presidency in 1998 and has held the position for an uninterrupted 22 years, became emotional as he shared the decision with members.
>> WATCH McGUIRE'S FULL ANNOUNCEMENT IN THE PLAYER BELOW
He was re-elected for a further three-year term in February, with Monday's decision effectively cutting his term short by 12 months.
McGuire declared he would use the final year of his presidency to set up a new era for Collingwood after giving everything he had to the role.
"Back in 1998 it was my time to stand up for our beloved Collingwood, instead of calling on others to do something for our club, they turned my way and I'm proud that I answered," an emotional McGuire said.
WHO SMASHED IT? Our say on your club's draft performance
"I have given everything I have to this position and now it is time for the club going forward, I will stand down at the end of next year and spend the rest of my time as president setting up a new era of Collingwood."
The 56-year-old became Collingwood president on his 34th birthday and has been synonymous with the club given his high-profile media roles and passion for the black and white.
EVERY PICK, EVERY PLAYER Check out who you just drafted
His achievements include the development of Collingwood's modern training base in Melbourne's Olympic Park precinct, and five Grand Final appearances, including the 2010 premiership.
He was instrumental in the poaching of West Coast coach Mick Malthouse ahead of the 2000 season, marking a turning point for the Magpies, who collected the wooden spoon in 1999.
Malthouse led the team to losing Grand Final appearances in 2002 and 2003 before the 2010 premiership and another losing decider in 2011.
McGuire orchestrated the coaching handover from Malthouse to former captain Nathan Buckley ahead of the 2012 season, with Buckley leading the club to the 2018 Grand Final.
The Magpies also shifted from their spiritual home at Victoria Park under McGuire's presidency.
TRADING FRENZY What was the reason behind Collingwood's busy draft night?
The president combined his club role with high-profile media positions through his tenure and became known as "Eddie Everywhere" as he commentated AFL matches, including those involving Collingwood.
He was chief executive of Nine News Australia for 18 months in 2006-07 before returning to on-camera roles with the network, where he experienced great success as a presenter.
McGuire also founded his own production company in 1997, now known as Jam TV. He recently finished an 11-year stint as co-host of Triple M's Hot Breakfast radio show.
2020'S BIGGEST STORIES COUNTDOWN Check out Nathan Schmook's 50-41 here
"My passion and love and energy for Collingwood remains undiminished. My care for the competition remains deep and abiding," McGuire said.
"There will be more appropriate forums to thank people and I will extrapolate on my love for the club in due course. There will always be a reason to go on, another idea, another campaign, another battle. But in due course, it will be with another president.
"As always, floreat pica, may the Magpie flourish."
