Morris Iemma has signed the papers for his resignation paving the way for Nathan Rees to take the reigns of the state.
Mr Iemma looked surprisingly relaxed as he made his last political media conference in Sydney after a tumultuous 72 hours that’s claimed his job as premier.
He resigned spectacularly today in front of a full caucus meeting facing a challenge from those unhappy with the changes he’d announced for the frontbench.
The radical reshuffle was sparked by the resignation of deputy premier John Watkins on Wednesday – a phonecall that night saw Michael Costa learn he’d be dumped as treasurer.
Mr Iemma has indicated he now intends to bow out of politics altogether.
“He leaves as premier, and goes home as husband and father,” he said reflecting on his day.
“And there’s five people at Lakemba who will be very glad to see me and, at the end of the day, that’ll do me.”
An occasionally emotional Mr Iemma says he can look back with genuine pride on his three years as NSW Premier, saying he took the right decisions and not the popular ones.
"What I've sought was change and growth for NSW," Mr Iemma said.
"My only test was to make the right decisions for NSW and the people in NSW, the right decisions for our kids' future.
"That's why went to the last election promising to secure our water supplies, that's why I attempted reform of the electricity industry, that's why I fought for the north-west metro.
"As a result of those decisions, Sydney will have a guaranteed source of water, making our city resistant to drought, to climate change."
Mr Iemma also defended his approach to the issue that cost him his job: electricity privatisation.
“Electricity reform is underway and the restructure we proposed or something very much like it will inevitably happen no matter who is premier,” he said
“As my premiership unfolded I knew that decisions like these – though right and appropriate – may also cost me my political future.
“Well, today that risk has been realised.”
He told reporters he was resigning as Member for Lakemba and would not sit on the backbench.
It is the first time Labor has dumped a premier in its 117-year history.