Mr Bowers met with the Board yesterday and both parties agreed to an arrangement that would see him depart the role of Club CEO, a position he has held for the past nine seasons.
Lions Chairman Angus Johnson said during discussions with the Board, both Mr Bowers and the Board recognised that it was an appropriate time to hand the baton onto a new CEO.
"Michael has been an asset to this Club over a long period of time and has overseen some of the most successful years in our Club's history," Mr Johnson said.
"The Club acknowledges his wonderful service and we wish him well in whatever path he decides to take in the future."
"Now we are presented with an exciting opportunity to employ a new CEO who will lead the Club into a new era."
Mr Johnson said former Richmond Football Club CEO Steven Wright, who has been running a sports consultancy company in Queensland, had accepted the Board's offer to take on the role as Interim CEO until a permanent replacement is appointed.
Mr Johnson said the Board would undertake a national search to find the best qualified CEO to take on one of the most exciting challenges in Australian sport and lead Brisbane to its next period of sustained success.
"As a Club we have made some major changes in recent times and we are really excited about the future. We are all united behind the vision of returning the Club to a successful position on and off the field," he said.
A qualified lawyer, Bowers was appointed as Lions CEO in 2002 and helped deliver substantial profits during his early years with the Club and has remained committed to sustaining the Lions' long-term viability.
After spending a period of nine seasons at the Lions, Bowers believes now is an appropriate time for him to step aside and allow a new CEO with a fresh approach and ideas to lead the Club into the future.
"The Brisbane Lions have been a huge part of my life over the past decade and I am grateful to have had the opportunity to be part of such a successful organisation," Mr Bowers said.
"While I've been fortunate to enjoy an extended period at the helm, I also recognise that the role of CEO at any football club is one that has a life span."
"It seemed an appropriate time to step aside given the Club is going through a period of considerable change following an extensive review process. It will enable a new CEO to take charge of the Lions and hopefully achieve further success both on and off the field."
"On a personal note, I am looking forward to embarking on a new professional challenge," he said.
Mr Johnson said Mr Wright will undertake the CEO role in the coming months until a permanent replacement is hired.
Wright is no stranger to AFL administration having spent five years as CEO of the Richmond Football Club from 2004-2009. During that time he oversaw a restructuring of the club's operations, developed new elite training and community facilities and generated record profits, membership levels and sponsorship support.
He has also previously held positions as CEO of the Australian Grand Prix Corporation and Senior Associate at Freehills Solicitors.
Wright is currently the Managing Director and Principal Consultant at business consultancy company SBEC Solutions Pty Ltd based on the Gold Coast.
Among his key responsibilities as interim CEO, Wright will oversee the implementation of the Club review, recruit additional resources for the Club's administration, develop strategies to increase the Lions' revenue base and be active in finding a new CEO.
He will officially commence his duties with the Lions from early next week but due to his own business commitments will not be a candidate for the permanent role.
Mr Johnson said that Wright's strategic appointment was essential for the Club to assess suitable full-time candidates and eventually find the best person for the top job.
"The Board has swiftly appointed Steven Wright in the short-term and he will undertake the role until a suitable replacement is found," Mr Johnson said.
"Our members and supporters can rest assured that the Club will embark on an extensive recruitment process to find our next Chief Executive Officer."
