Prime Minister Naftali Bennett announced on Wednesday that he will not run in the upcoming elections due to take place in the fall.
In a public statement, the outgoing prime minister said that he will remain as alternative prime minister in the interim government led by Yair Lapid.
"I love this country above all else and will remain its loyal soldier, serving Israel is my calling," he said.
"In one short year we were able to do more than other governments did in a longer term," he said. "We've shown people can work together even when they are ideologically apart. We've proven there is a value to agreements and we can work together," he said.
"Let us be better to each other," he said and thanked his family for their support despite the difficult year. He also thanked his ministers, calling out Yamina lawmakers Ayelet Shaked and Matan Kahana.
Foreign Minister Yair Lapid called Bennett: "my brother," and said Israel thanks him.
Defense Minister Benny Gantz also thanked the prime minister, "for the difficult decisions you have made and for cooperating for the good of the country."
From the right-wing opposition, Bennett received no praise. "Good riddance," said one Netanyahu ally.
Bennett, who stood at the head of the outgoing cabinet since June of last year, came to power in a coalition deal with only six Knesset seats backing him, and lost the support of two members of his right-wing Yamina party during his short term in office.
He was slammed by the right-wing opposition for "lying to his voters," after agreeing to serve in a coalition with left-wing and Arab parties despite claims ahead of time that he would not agree to do that.
He opted to join the government after he claimed former prime minister Benjamin Netanyahu did not have the Knesset votes to form a government of his own and would have taken the country to a fifth election cycle in two years.
Bennett announced he would head a government for change after years of political stalemate he blamed on Netanyahu who was attempting to hold on to power despite being indicted on three counts of corruption.
He will be replaced at the head of Yamina by his long-time political ally Ayelet Shaked who although has not announced her intentions to run in the snap elections, has previously said that she would join Netanyahu to form a right-wing government if election results allow.
"Bennett's retirement from politics is a great loss for the country," Shaked was quoted as saying to party members.
In his announcement, Bennett put an end to speculations about his political future after the coalition lost its Knesset majority after the defection of members of Yamina.
In the Knesset, the coalition is attempting to pass legislation to dissolve parliament but was being delayed by the opposition which was trying to dictate the date for the elections.
If the bill to dissolve the Knesset does not pass by midnight on Thursday, the West Bank bill, regulating Israeli law over the West Bank settlements will expire – causing judicial and legal chaos.
The opposition, in its refusal to support the bill, has forced Bennett to opt to dissolve parliament and call a snap election.
After Bennett informed his party members of his decision to resign from politics, President Issac Herzog issued a statement thanking the outgoing prime minister for the close cooperation during his term, which he said advanced public interests.
"Our work together was pleasant and friendly," Herzog said. "We had a mutual respect and I wish him luck in his future endeavors," he said.