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In a statement this morning, Goodfellow said a new president would be elected by the party's board at the annual conference in August.
He said he would remain as a director on the board for one term to help with the transition.
"I've seen highs and lows, and after much reflection, I feel the time is now right for someone else to take National into the future as president," he said.
He said he had intended to retire in 2016, but Sir John Key's resignation as prime minister convinced him to remain in the role.
Since 2018 he had "worked tirelessly to help improve and diversify the skillset around our board table. To revitalise and reform the Party and its systems, and to unite our great Party after a very public period of instability and distraction," he said.
With the party now going from strength to strength under Christopher Luxon and Nicola Willis' leadership, he was confident the party had the right people and processes in place.
"I will be forever grateful to our members for their ongoing support of me as a board member, and to our directors for their confidence in continuing to re-elect me as president."
Goodfellow is National's longest-serving president and has been a party member for 50 years.