European Central Bank President Christine Lagarde announced Thursday that she will step down from her post in February 2027, about nine months before her term ends.

“It has been a source of great pride to serve this institution. I thank all of those who have supported me on this journey over the past seven years,” Lagarde said, acccording to CNBC. 

Lagarde has led the central bank since July 2019, and her term was due to end in October 2027. 

She said she will step down on Feb. 7. European Council President Antonio Costa thanked Lagarde for her "dedication" and said the process of appointing her successor will begin immediately.