The Age reported on Wednesday that March told the club he would not seek re-election when his term ends and he believed his decision would give Richmond time to find a suitable replacement.
He told The Age that the time was right for his departure now that the club was into a more stable position.
His latest three-year term will end in October.
"Most of the things that we wanted to achieve are in place, and I just think the timing's right for me to move on and someone else to move in … with the next strategic plan probably in the wings," March said.
March said the club had attracted quality people to fill positions and was a club that people now "wanted to go to rather than escape from".
"I'm sure from our current board [we] would be able to find a good next president of Richmond Football Club and hopefully we've got some good candidates potentially to come on the board in the next 12 months."
March took over as club president in 2006 after joining the board in 2002.
