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Julio-Claudian Emperors
The Settlement of 23
Augustus resigned his consulship, having held the office a total of twelve times. Instead, he chose the office of tribune, so that he could pose as the champion and protector of the people (a number of newspapers have "tribune" in their name for the same reason).
His only other office was that of proconsul, but of a special sort. The actual title was 
imperium praeconsulare maius -- greater proconsular power. It was this title, this power, that was the basis of being emperor.
A proconsul was a provincial governor. Under the old Republic, a proconsul was the supreme civil and military officer of the province, superior to all other Romans and natives in the province. The geographic region covered by his authority was called the imperium. So, Augustus received proconsular authority. But his authority was maius; that is, it was greater.
The office meant that Augustus had the authority to intervene anywhere in the Empire, at any level of Roman government, to remove the magistrate and to issue orders by the power of that office. If things went along as he wished, he could simply let them be; but should someone become rebellious, or too publicly corrupt, or merely unsatisfactory, Augustus could step in and hold that office for as long as he wished.
This power meant that no one could possibly oppose the emperor. He had power of life and death, if he chose, over every Roman citizen. His genius was that he used this power with restraint and wisdom throughout his life, a feat rare in any culture.
All his powers were consitutional, but no one had held so many offices and such power at once and for so long. And no one had ever been maius. Still, it was close enough. Upon the arrangement of the settlement in 23, Augustus proclaimed the Restoration of the Republic.
According to the public propaganda, therefore, the Republic never fell. Augustus liked to think of himself not as an emperor but as princeps (=first) — first citizen of Rome.