The daytime radio host has been leading contestants through the various money winning games on the lottery show for eight years. He has built up a following for his bubbly style and trademark sign off "Byeeeee".
But now Derek is to step aside to let some other young gun take the reins of the programme.
"I loved doing the show. I got a kick out of it," Derek admitted but he added "It's not a big deal."
However, fans of the presenter can breathe a sigh of relief as he will be returning to television on another show this Autumn. The station has signed him up to take over the new series of Class Act from Aidan Power.
"After eight years he felt that he needed a change," said an RTE spokesperson. They pointed out that Derek, who is the sixth highest earner in RTE with €242,408 in 2006, was happy to present Class Act.
With Derek out of the picture the next question is who will fill the void as the face of Winning Streak with No Frontiers presenter Kathryn Thomas being tipped as a possible replacement.
An RTE spokesperson said that with Derek at the helm of Class Act, the show is going to grow. They say that this series is going to be bigger and better than ever. There will be a new judging panel of Caroline Morahan who recently finished up with Off the Rails, singer Dr Veronica Dunne and stage school boss Julian Benson.
A total of 60 acts will perform but the best six will progress to a Grand Final where the overall winner will be in line to receive €10,000. Class Act starts on RTE One on September 7 at 6.30pm.