We report a detailed ab-initio study of the of the microscopic degradation mechanism of FIrpic, a popular blue emitter in OLED devices. We simulate the emph{operando} conditions of FIrpic by adding an electron-hole pair (exciton) to the system. We perform both static calculations with the TDDFT framework and we also simulate the evolution of the system at finite temperature via Car-Parrinello molecular dynamics. We found triplet excitons are very effective in reducing the Ir-N bond breaking barrier of the picolinate moiety. After the first bond breaking, the two oxygen of picolinate swap their position and FIrpic can either remain stable in an open configuration, or loose a picolinate fragment, which at a later stage can evolve a CO$_2$ molecule. Our method can be applied to other light emitting Ir-complexes in order to quickly estimate their stability in OLED devices. In Paper~II we complement our theoretical study with a parallel experimental investigation of the key degradation steps of FIrpic in an aged device.
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