Assistant Chief Constable Duncan McCausland is to retire from the PSNI, the Policing Board has said.
The officer is accepting a retirement package offered under the terms of policing reforms. The severance scheme is due to end this month.
A Policing Board spokeswoman said: "The Acting Chair of the Board has been advised by ACC McCausland of his intention to retire from the PSNI under severance.
"Board Members have been informed and will discuss the recruitment of a new ACC with the Chief Constable at its next meeting.
"The Board wishes ACC McCausland well for the future and for his service to the community throughout his career."
The married father of three was one of the most senior officers in line for the retirement deal.
The one-off payment is understood to be in the region of £500,000 and will be supplemented with a hefty pension.
Last month Deputy Chief Constable Judith Gillespie turned down a similarly lucrative package offered under the Patten policing reforms.
The policy of awarding sizeable pay-offs to retiring officers, originally introduced a decade ago in a bid to alter the demographic of the new-look Police Service of Northern Ireland, officially ends next week.
Mr McCausland joined the Royal Ulster Constabulary in 1983 and served as a constable and sergeant in Belfast and Dungannon. A former staff officer to the Chief Constable, in 2002 he was appointed to the rank of Assistant Chief Constable.