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CALGARY – After 40 years with the Calgary Police Service, Chief Rick Hanson announced on Wednesday that he is stepping down.

“It is with mixed emotions that I announce my retirement from the Calgary Police Service,” said a letter from Hanson to his fellow staff. “I tendered my retirement notice to the Calgary Police Commission late yesterday.”

His retirement will be effective March 13, 2015.

Hanson has been the police chief since 2007, and served as a key part of Calgary’s emergency management during flooding in June of 2013 that paralyzed the city.

He joined the Calgary Police Service in 1975, where he worked at the senior management level for more than half of his career, both within the Calgary Police Service and the Royal Canadian Mounted Police.

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“Two-thirds of my life has been spent in policing,” said Hanson at a news conference. “And I have had the honour and the privilege of not only serving with an amazing police service, with amazing people who do an amazing job, but… I’ve had the gift of being able to police in a city that has probably the nicest combination of citizenry, and help agencies, and corporate consciousness… and an amazing group of people together have created an attitude in Calgary that it’s all about making it a great place to live.”

“It’s been an honour serving the people of Calgary.” Tweet This

When asked what his plans are after leaving the Calgary Police Service, Hanson said he would take some time to evaluate what it is he wants to do next.

“I know if I’m ever going to do anything else, it’s now,” he said. Tweet This

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One political analyst says experience as a police chief of a major city lends itself well to a future in politics. Mount Royal University’s Duane Bratt said Hanson has honed political skills as a successful chief.

“We’re about to go in the midst of an election,” said Bratt. “Jim Prentice has recruited people from before, most notably Stephen Mandel and Gordon Dirks, so why not Rick Hanson? He would be quite a catch.

“He said he’s not going on to another police job, so the two big avenues are either politics or to go into the private sector and make some real serious money in his prime earning years.” Tweet This

Bratt speculates if Hanson chooses politics, the PC party would be his most likely choice, particularly with the open riding in Calgary-Cross where the chief has roots.

“You start looking at the election calendar and there’s an election very quickly, and you start putting those dots together and that’s why there’s rampant speculation about his political ambitions,” said Bratt.

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Hanson took a moment during his press conference to thank Calgary Mayor Naheed Nenshi, who he said has been “very complimentary and supportive over the years.”

Meanwhile, Nenshi paid tribute to Hanson with a heartfelt speech.

“I’m just going to say that… on behalf of the citizens of Calgary, we look to you with enormous gratitude for everything that you’ve done, for the service and for our community.”

Watch: Mayor Neheed Nenshi speaks at Rick Hanson’s retirement press conference Feb. 25

Minister of Justice and Solicitor General Jonathan Denis also thanked Hanson for his contributions, with special mention of the chief’s dedication in the areas of homelessness, domestic violence, and youth intervention.

“I appreciated the positive relationship we developed while serving our province together, and I very much enjoyed working with him over the past several years on various initiatives to make Calgary a safer place to live, work and raise a family.”

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Many thanks to Calgary Police Chief Hanson for his 40 years of service and leadership. A truly remarkable leader. #ableg #cdnpoli #yyc — Jonathan Denis MLA (@JonathanDenisAB) February 25, 2015

Hanson has a Bachelor of Arts Degree in Social Sciences from the University of Calgary, and an Honorary Bachelor of Arts Degree in Criminal Justice from Mount Royal University. He is also a graduate of the University of Calgary’s Executive Development Program, the FBI Leadership in Counter-Terrorism Program, and the Canadian Police College Executive Development Program.

“The Commission was very sorry to learn of Chief Hanson’s retirement,” said Calgary Police Commission Chairman Rodney Fong. “The Chief has our respect and admiration, our best wishes and most of all our deepest gratitude. His commitment to the betterment of the Calgary Police Service and the City of Calgary has been unparalleled.”

“His will be big shoes to fill.” Tweet This

Hanson’s contract had previously been extended to 2018, back in 2013.

The Calgary Police Commission will be responsible for selecting the next chief.

WATCH: Fresh off his announcement Chief Rick Hanson joined the News Hour.

With files from Erika Tucker and Tony Tighe