DON McLardy has resigned as Melbourne president.
He informed the AFL Commission of his decision on Friday morning during a meeting he attended alongside new CEO Peter Jackson.
He then told the board that afternoon of his intention to resign.
Board member Peter Spargo has taken over as interim president.
Board member Stuart Grimshaw also tendered his resignation on Friday. Grimshaw, who is CEO of the Bank of Queensland and president of Hockey Australia, joined the board in 2008 and was a member of the Finance and Audit Committee.
McLardy's decision follows Sunday's announcement that board member John Trotter was appointed last week to conduct a review of the board.
McLardy took over as president from friend and club legend Jim Stynes in December 2011.
He had joined the board alongside Stynes in 2008 and delivered his first speech at a president's lunch just four days after Stynes' funeral in March 2012.
In that speech he said he was a "reluctant president".
From board member to president: The Don McLardy timeline
From board member to president: The Don McLardy timeline
"I've said a couple of times I'm not really scared of the job but I am really bitterly disappointed that Jim is not going to be here to share in whatever the future is going to hold for us," McLardy said.
He said in a statement on melbournefc.com.au on Friday that he could not have foreseen what happened when he agreed to join the board in 2008 and said how difficult it was to witness Stynes' battle with cancer before he died in March 2012.
"Throughout it all, even at times when it was extremely testing to remain focused and positive about the future, I was constantly encouraged by many of you (the Melbourne members) to keep going for which I am very grateful," McLardy said.
He expressed his disappointment at the situation in which the club found itself, but he remains confident Melbourne can improve.
"With the recent appointment of CEO Peter Jackson, the business is in good hands and we have locked in a first class CEO who will continue to analyse critical areas of the club and restructure to industry best practice," McLardy said.
A people person, McLardy oversaw a tumultuous 18 months in the job. In that time, under the coach he had a role in appointing, Mark Neeld, the club won just five games.
If that wasn't bad enough Melbourne encountered a series of off-field distractions during the 2012 season that broke any trust that existed between its board and its supporters.
Much of it was out of McLardy's control.
The club was fined $500,000 in February after the AFL completed a tanking investigation that found, officially, the club had not tanked.
It spent a fortune in legal fees protecting its position in relation to the events of 2009.
McLardy then continued to back the CEO Cameron Schwab and Neeld following a disastrous start to the season in the first round of 2013.
He hit the airwaves to back their position but was forced into defending his backflip when the club decided to part company with Schwab.
McLardy could not defend the decision with any credibility after just days earlier calling for stability.
The club appointed the AFL-endorsed Peter Jackson as the interim CEO soon after Schwab's departure. Jackson made it clear changes would take place at the club and he would be reviewing the football department's activities.
