The WICB said that Lloyd, who led West Indies to two World Cup triumphs, will be appointed as a special ambassador effective from Oct. 1.
"The time as chairman was quite rewarding and I am hoping my contribution would have added value to the current system," Lloyd said in a WICB statement.
"I made every attempt to serve with distinction and I was pleased to contribute to the game again."
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West Indies will face South Africa in Bridgetown in the ongoing triangular series on Friday for a place in Sunday's final against Australia.
(Reporting by Ian Rodricks in Bengaluru; editing by Sudipto Ganguly)
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