Carlton chief executive Steven Trigg admits his surprise resignation on Thursday came earlier than he would have liked.
But both parties maintain the split had been months in the making.
The Blues hired Trigg in 2014 after he left the same role at Adelaide Football Club that he had held for almost 14 years.
"We've been talking for a while regarding tenure, family and so on," Trigg said.
"And while this is an earlier-than-ideal decision by the board to make a move, it's understood.
"I'm extraordinarily proud of the changes and the strong foundations we've made over the past three years.
"We've grown financially, the football program is in great shape and we've been true to our word in redeveloping the list.
"I have no doubt that a successful era is in front of Carlton."
Trigg, who served a six-month AFL-imposed ban in 2013 for his part in the Kurt Tippett salary-cap drama, will stay in the job until a replacement is found.
Simon Lethlean, after resigning as football boss at the AFL this year amid an infidelity scandal, has been linked to the job.
"The board credits Steven with driving cultural change across all facets of the club," president Mark LoGiudice said.
"Steven has worked closely with coach Brendon Bolton, the board and all staff to drive improved results across the entire club. I would personally like to acknowledge this important contribution.
"Steven has guided the club during the rebuilding phase. Our search for a new CEO will focus on finding someone with a strong commercial background who will drive the club to the next level required for success."
Hawthorn also parted ways this week with their chief executive, Tracey Gaudry sacked from the role she had filled for just five months.
Collingwood and the Western Bulldogs are also looking to fill vacant chief executive positions.
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