LONG-serving Heritage Bank chairman Brian Carter will call it a day at Thursday's monthly board meeting.
The shock retirement announcement will bring to an end a stellar 37-year career as a director of Heritage - including the last 30 years as chairman.
Mr Carter's successor as chairman will be announced on Friday.
However, current deputy chairman Kerry Betros is a strong contender to take over the reins.
The bank will also take the opportunity to announce a new replacement director to fill the void left by Mr Carter's retirement.
Mr Carter told the Chronicle earlier today that the time was right for him to step aside.
"The bank is entering a new era and I believe it is time for some young blood to lead the bank into the future," Mr Carter said.
"I turn 70 this year and I stayed on a little longer than I originally planned.
"I am glad that I get to go out on my own terms unlike getting a tap on the shoulder like Ricky Ponting will," he said.
Reflecting on his time at Heritage, Mr Carter said he had no immediate plans for his retirement years.
"My home is Toowoomba and I have no plans for a sea change of any type," Mr Carter said.
"I plan to have a good rest for a while then see where things go from there.
"I do not have a bucket list of things I want to do but that certainly may change.
"One thing is for certain, I will definitely be spending more time with my family especially with my son and daughter," he said.
Mr Carter said it was an honour and privilege to serve as chairman of Heritage Bank for the past three decades.
"Heritage is generally regarded as being a good corporate citizen and that is something I am extremely proud of," he said.
However, there is one aspect of his job that Mr Carter will not miss.
"I will definitely not miss the bundles and bundles of intricate paperwork which I have to read each day," Mr Carter said.
Mr Carter will officially step down at the conclusion of the monthly board meeting in June.