February 5, 2012 it became known that Stepan Ignatiev (on photo left), the Captain Regent of Lostisland since September 2010, resigns from his position as Head of State and Government. These news became public through a forum post  with an Appelha als citans de Lostisland (Lostislandic: Appeal to the citizens of Lostisland), authored by the now ex-leader. As Acting Captain Regent, the outgoing Head of State and Government appointed Dr Ilya Pakhomov, the Lord Rector of the National University of the Republic of Lostisland, who according to the recently voted by the Parliament Amendment to the Law on Elections of the Captains Regent will serve for a monthly term. An early Election, in which the new Captain Regent will be choosed by the Universal voting, is thought to take place in two weeks. Yaroslav Mar, the other Captain Regent, retains his position and will start serving his second consequitive term once his colleague is elected and inaugurated. So far, interest in running for Captain Regent has been expressed by the incumbent Chief Judge Hon. Roman Petrov and leader of the recently established Party for Freedom and Democracy Deniz Tezcan.

In his last speech, the Most Excellent didn't specify the reason for resigning, saying only that this decision was "a difficult one to make" and is "due to the fact that I decided to give other people the opportunity to reach their potential in the Republic".

Stepan Ignatiev, one of the first Captains Regent and co-founders of the Republic, has been in office since the creation of Lostisland in September 2010 and authored the National Anthem, designed the National Flag and curated the Lostislandic Language project.

It is thought that the Captain Regent Yaroslav Mar and the Acting Captain Regent Ilya Pakhomov will address the country on Ignatiev's resignation soon. Updates on the Official Website will follow once they become known.

• Appeal to the Citizens of Lostisland
• Appelha als citans de Lostisland
• Обращение к гражданам Лостайленда