With Doug Howlett's resignation prior to the 2013–14 season, O'Mahony assumed permanent captaincy for the province.
Head coach Graham Rowntree will eventually choose a new team captain.
Regarding his choice, O'Mahony remarked, “Being the captain of Munster has been a dream come true for me.
“I used to follow the Munster squad and look up to them, especially the players who were captains.
"Players I had the honour of playing with early in my career, like Paul O'Connell and ROG, as well as Mick Galwey and Jim Williams.
“I recall talking to Paul to obtain his consent on the day I was asked to be captain, as if it were yesterday.
“I've never taken anything for granted and it's been an absolute honour since that day.
“However, having given a huge amount of thought to it, I think it is the right time to step back from the role to share my experiences and give the same guidance that I received when I took on the role.”
“You couldn't pick a better leader than Pete, and he has been an incredible captain for this club," Rowntree remarked.
“It says volumes about his skill as a player on the pitch and as a person off it that he led Munster for so long and at such a young age.
He is very respected and will continue to be a major leader in the organisation. It is helpful to have someone with Pete's expertise available to assist us with the succession planning process.”