Lawwell believes the time is right for a new regime to take charge, and delivered an emotional statement on the Celtic website confirming his imminent departure.
Celtic have announced that CEO Peter Lawwell will step down from his role at the end of this season, with Scottish Rugby chief Dominic McKay to take over from 2021/22.
Lawwell has called the shots at Celtic since 2003, guiding the club to 27 major trophies and 13 league titles throughout his tenure.
Supporters have been calling for a change at the club recently, however, as they look set to finally yield their Premiership title to Rangers at the tenth time of asking.
He said: “It has been an enormous privilege to have served the club and our supporters for more than 17 years – a wonderful honour to have been part of an institution I have loved and supported all my life.
“I will always be very proud of what we have achieved together and it has been a particular privilege to be involved throughout a period in the club’s history which has brought immense domestic success – as well as so many great European nights at Celtic Park.
“Everything we have aimed for and achieved has been for everyone associated with the club. I have greatly valued my involvement with Celtic supporters in Scotland and around the world.
“In particular, I have appreciated the advice and support offered by all our main supporters groups across Scotland, Ireland and beyond. I would like to thank them all for the passion, support and commitment they continue to bring to Celtic.”
He concluded: “Celtic will always be the biggest and the best club in Scotland and our supporters will always be everything to our success. We need our fans with us to achieve that success.
“Above all, I thank my wife and family for their support and encouragement at all times. We will all continue to support the club with the same love and passion we always have.”