Mansell Wallace believes Chelmsford City need a younger man at the helm after stepping down as chairman.
The shock announcement was made on Friday morning, with the Clarets set to hold an emergency board meeting next week to discuss their next step.
Sources have told the Chronicle that the news came as a surprise.
In a statement on the club's website, Wallace said he felt a younger man was needed at the helm.
"After long consideration, I have decided as the club is embarking on a five-year plan with complete restructure of the organisation and facilities, that it needs a younger person to drive the it through," he said.
"Coming to 65 years of age, a younger person will have more energy to drive the plans through the next five years and beyond.
"I feel the time is right as a new appointment can be made in time for the coming season.
"The new chairman can influence the organisation with his own ideas.
"I have enjoyed my time at the club with many highlights, especially the 3-1 Cup win against Colchester United.
"I have made many friends at the club, amongst my fellow directors, employees and supporters.
"I would also like to thank everybody for their support especially when times were tough.
"I will still attend every game but the blazer will be retired.
"I wish the club and everyone associated with it all the best over the coming seasons."
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