Catherine Murphy and Róisín Shortall confirmed earlier today that they are resigning with immediate effect and that a leadership contest will take place soon.
The two also confirmed they will continue to represent their constituencies, and both intend to stand in the next general election.
The Irish Examiner reports it's understood that Holly Cairns will takeover as the new leader of the party within the next two weeks.
Speaking at a press conference this afternoon, Róisín Shortall says they were put under no pressure to step down:
"Catherine and I have decided that the time is right now to hand over the leadership reins of the party to the next generation of social democrats. We have therefore notified our National Executive that we are stepping down as joint leaders and we have requested that they make arrangements for the election of a new leader."
