We address the problem of obtaining the exact reduced dynamics of the spin-half (qubit) immersed within the bosonic bath (environment). An exact solution of the Schrödinger equation with the paradigmatic spin-boson Hamiltonian is obtained. We believe that this result is a major step ahead and may ultimately contribute to the complete resolution of the problem in question. We also construct the constant of motion for the spin-boson system. In contrast to the standard techniques available within the framework of the open quantum systems theory, our analysis is based on the theory of block operator matrices.