Davide Trimble has announced his intention to step down as leader leader of the Ulster Unionist Party.
"At a private meeting with the president and chairman of the Ulster Unionist Party this morning I indicated to them that I do not wish to continue as leader," he said in a brief statement issued this afternoon.
I have no doubt that Northern Ireland is a much better place and unionism greatly advantaged because of our effortsDavid Trimble
Mr Trimble represented moderate unionism and was one of the architects of the 1998 Belfast Agreement. The move follows yesterday's general election results which left his party with just one Westminster having had five previously.
He lost his own seat in Upper Bann to the rival DUP and today the Nobel Laureate issued a brief statement indicating he would step down.
He will hold a press conference on Monday but today simply indicated he want to continue in the post.
"I am pleased to have had the privilege of leading what I regard as the best and most democratic political grouping in Ulster," he said.
He said he will formally resign as leader when the party executive has been convened to arrangement for the election of a new leader.
He thanked party members for their support over the last 10 years. "There have been difficult times, but also times when we have been able to make a difference," he said.
A statement by Ulster Unionist Party leader David Trimble on the gates of the Ulster Unionist Party headquarters in Belfast this afternoon.
"I have no doubt that Northern Ireland is a much better place and unionism greatly advantaged because of our efforts".
Earlier, he blamed the failure of Republicans to honour the Belfast Agreement caused the electoral collapse of the UUP vote.
The British government's indulgence of Republican manoeuvring since the Agreement was signed was a contributory factor, the former first minister added.
"If they had implemented the Agreement then they would have disarmed completely in May 2000, that is what they undertook to do, that is what they failed to do.
"The net result of all of that is that there is total disgust in the Unionist community with them.
"That is the basic underlying factor. A contributory factor is that the Government, which ought to have upheld the Agreement and policed the Agreement, has been far too indulgent to Republicans," Mr Trimble told BBC Radio Four's Todayprogramme this morning.
He also said the DUP would likely drop their opposition to the Agreement and seek to have it implemented in full. "The DUP, despite the rhetoric, appear to me to have given up the objective of destroying the Agreement," he said.
He also indicated during this morning's interview that he not step down this weekend. "I'm not sure what I will do, to be quite honest," he said.
He indicated he would discuss the matter with close colleagues and it appears that afterwards he made the decision to step down.