European Tour chief executive George O'Grady will retire after a decade in charge of the organisation.
O'Grady, 65, announced his decision today on the eve of the WGC-HSBC Champions tournament in Shanghai.
He has overseen the world's second biggest professional tour behind the United States-based PGA Tour, though it endured some difficult times and loss of sponsors during the global financial crisis a few years ago.
"In the aftermath of what I believe to have been the best presented Ryder Cup since my first involvement in the contest at Royal Lytham in 1977, I felt this was the right time to ask the board to begin the search for my successor," he said in a statement.
"It is my firm belief that, coming towards the end of what has been another incredibly successful season, we are now seeing the green shoots of recovery across Europe and I am pleased that this coincides with all our building blocks, in terms of key television and sponsorship contracts, being in place."
One of those contracts, announced this time last year, was a 10-year extension to the Tour's sponsorship agreement with Rolex, which includes the Ryder Cup.
The value of the deal was not revealed, but following rumours earlier in 2013 of the PGA Tour bidding to buy the European Tour, O'Grady was happy to joke that "rumours of our demise have been slightly exaggerated."
Although the Race to Dubai has also been extended to 2017 and the likes of airline company Emirates have increased its investment, the economic downturn hit events in Spain particularly hard and Volvo announced recently it would no longer sponsor the World Match Play Championship, which celebrated its 50th anniversary at The London Club last month.
The inaugural Final Series also got off to a shaky start in 2013 when players complained about being forced to play in two of the first three events in order to be eligible for the season-ending finale in Dubai, complaints which forced the regulation to be quickly scrapped.
Earlier that year, O'Grady was also dragged into the racism row involving Sergio Garcia and Tiger Woods which erupted during the Tour's flagship event, the BMW PGA Championship at Wentworth.
Defending the decision not to sanction Garcia for his "fried chicken" remark about Woods during the Tour's annual awards dinner, O'Grady said that "most of Sergio's friends happen to be coloured athletes in the United States."
In May this year, O'Grady apologised for the "hurt and upset" caused by the decision to finish the Madeira Islands Open following the death of caddie Iain McGregor during the final round, although he was praised for his "humility and honesty" by chairman Gerry Byrne following a meeting with the European Tour Caddies Association the following week.
Speaking about O'Grady's contribution to the Tour over the past 40 years, chairman David Williams said: "On behalf of the board and all of the members of the European Tour I would like to thank George for his contribution to the European Tour and professional golf generally over the last 40 years.
"The European Tour and its players are admired throughout the world of golf and George has played a key part in building global relationships and developing the Tour.
"He has always respected the traditions of the tour and built on the strong foundations put in place by John Jacobs, Neil Coles and Ken Schofield.
"The Tour is now embarking on a new phase in its development and that is why George has considered that it is the right time to ask the nominations committee to find his successor."
An announcement about the process had been planned for the week of the DP World Tour Championship, but media reports on Tuesday forced the Tour's hand. The Tour said no further comment will be made until the season-ending tournament in Dubai in a fortnight's time.
"It's a shame that he's stepping down but I think he's had a good reign," Englishman Justin Rose, the world number six who won the 2013 US Open, told reporters in Shanghai.
Rose said he had been talking recently with O'Grady about resurrecting some historic British tournaments that have fallen off the schedule in recent years due to loss of sponsorship.
The European Tour, based in Wentworth, England, employs 155 people.
O'Grady will remain in charge until a successor is chosen.
