The chief judge of the Delaware Court of Chancery, Chancellor William Chandler III, announced that he will be retiring on June 17 to pursue other opportunities. Chandler has been with the Delaware courts for the last 26 years, bringing an an end to a long and respected judicial career.

According to Westlaw, Chandler has authored more than 1,100 judicial opinions, including some that reshaped Delaware law. This includes the recent opinion in Airgas v. Air Products & Chemicals in which the court held that board members of Airgas were within their rights to prevent shareholders from accepting a hostile takeover bid from rival Air Products & Chemicals.

In another well-known case from 2002, Chandler concluded that Hewlett-Packard did not mislead investors, clearing the way for an $18.5 billion merger with Compaq. Additionally, in a notable 2006 decision, Chandler ruled that directors of Disney did not violate their duties by approving a $140 million severance package for Michael Ovitz and was not a waste of corporate assets, as shareholders had contended.

Who will fill Chandler's seat is not yet certain, but what is certain is that it will be a big role to fill—not only due to Chandler's storied history, but also given that the Delaware Chancery Court handles the majority of business litigation disputes among Fortune 500 companies, which are incorporated in the state.