In a statement released at midnight, the TV exec said he adored working on the BBC One soap but the time had come to pursue other career opportunities.
"My love for EastEnders is no secret and so the decision to leave Walford has not been one I have taken lightly. When I commit to something, I always give it my all - and after two and a half years of giving my blood to Walford, it is time for me to move on to other things - and keep EastEnders creatively refreshed, something that it has to do to stay at the top of its game," he said.
"It's going to be gut-wrenching to tear myself away from everyone at EastEnders. It's an utterly unique place to work, with everyone working so hard and with such passion - and I am so so proud to have led that brilliant team over the past couple of years."
During his time on the soap, he was responsible for triumphs such as Live Week, introducing the Carter family, that 'Who killed Lucy Beale?' plot, and overseeing the 30th anniversary celebrations.
Dominic told fans he'd actually wanted to quit last summer but was prompted to change his mind for two reasons: Dame Barbara Windsor's return as Peggy Mitchell, and that he needed to ensure he was leaving the soap in capable hands.
"When Dame Barbara comes to you to produce her final episodes, you cannot say no. I left EastEnders with Peggy last time when she burnt down her Vic and it feels fitting that we will now leave permanently together," he said.
As for who will be taking over, that will be Sean O'Connor, who is editor of The Archers, the world's longest running soap opera that just celebrated its 65th anniversary in January.
Sean previously worked as a director, producer and storyline producer on EastEnders eleven years agho, and was responsible for storylines including that Zoe and Kat Slater one, the domestic violence storyline between Little Mo and Trevor, and Dot Cotton and Jim Branning's romance.
"This is an incredible all-consuming show and in Sean, I know that we have found someone who already has Albert Square in his bones and who adores EastEnders as much as I do," said Dominic.
"I know that EastEnders will continue to thrive under Sean and I'm looking forward to watching the show as a viewer again."
Sean said: "Dominic hands over EastEnders in robust health. It's a testament to his endless commitment, infectious enthusiasm and rich imagination that the programme remains BBC1's flagship drama.
"I'm thrilled to be back in Walford and particularly delighted to work once more with many dear friends and colleagues both backstage and on screen. I loved my time working at EastEnders previously; there's nothing quite as challenging nor as rewarding. So I feel very honoured to be asked back to lead the wonderful cast, crew and production team at Elstree."
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