After more than two seasons as a member of Toronto FC and 17 years as a professional, Steven Caldwell is hanging up his cleats.

Caldwell formally announced on Tuesday morning that he is retiring. He will transition into his new role as Director of Corporate Development with Maple Leaf Sports & Entertainment, which owns, among other things, TFC.

“It’s with a heavy heart that I announce my retirement from the game I love," Caldwell said in a statement released by the club. "Football has been my life since a very young age and I appreciate the opportunity I’ve had to live out my dreams. I would like to thank all my teammates and coaches I’ve learnt from along the way, creating friendships and bonds that will last forever.

"To all the magnificent clubs, it was an [honor] to represent you both home and away. I hope the fans appreciated the pride I felt putting on their jersey. Finally to TFC, I appreciate and love this club more than all the others. The opportunity to stay here and be a part of the success that will come is a privilege. I feel responsible and committed to doing everything I can to help this club prosper and win.”

The 34-year-old defender originally joined Toronto FC back on May 7, 2013 on loan from English club Birmingham City, and signed a permanent contract on July 2, 2013. Caldwell made 49 combined appearances for the Reds, scoring one goal for the Canadian side. He was named captain of TFC on July 13, 2013 and wore the armband in 40 matches for Toronto, remaining captain until the conclusion of the 2014 season.

Caldwell retires as the second longest-serving captain in Toronto FC history, behind Jimmy Brennan. The Scotsman's final match for the club came on March 14 in Columbus, where he was substituted at halftime due to injury.

Caldwell played for a number of other clubs during his career, including Newcastle United, Sunderland, and Wigan Athletic. He also earned 12 caps for the Scottish National Team.

“Steven Caldwell is a true professional in every sense of the word and has played an important role at Toronto FC since his arrival. We appreciate his endless contributions to the club,” Toronto FC general manager Tim Bezbatchenko said in the same statement. “He will be missed on the pitch, but we are all very excited that Steven will be remaining with MLSE on the business side and continuing to be a part of the future of Toronto FC.

"I know personally Steve loves this Club, and he can now express the passion and commitment we are used to seeing on the field in another capacity within the organization.”