Wells told reporters Monday the department has been readying the next generation to step into leadership.
"I do still love what I'm doing but I think now is a great opportunity for me to step away. We have young leadership in the department that I think is ready to step up and so I'm very very excited about it," he said.
The outgoing chief said he'll be taking a hands-off approach as the city selects his successor.
"So I will not have any involvement in picking the next chief and that's by design because I think the Lexington leadership really needs to decide what it is that the community needs. So I will step away from that portion of it," Wells explained. "I will still be very involved in the day-to-day operations of the department until January 10th."
Under Wells's leadership, the fire department grew from 597 to 635 firefighters, expanded its paramedicine program and added a 13th medical vehicle to the fleet.
Mayor Linda Gorton is praising Wells's work heading up the department saying he's done "an incredible job" for the city during his tenure.
Gorton said she anticipates announcing a new chief by early December.