The 58-year-old was disqualified from ownership until April 10 by the Football League for failing their "fit and proper person's test" after he was found guilty of tax evasion in an Italian court last year.
He was initially given until Dec. 29 to resign as director of the club but was allowed to continue until after an appeal, which he lost on Monday.
"It is with great sadness and frustration that I have to take this step, however I abide by the Football League's decision to temporarily disqualify me from this great football club and will return in April in good health and good spirits," Cellino said in a statement.
"I have done my best for a club and fans that I hold close to my heart and it is now financially much stronger than it has been for a long time. It will continue to thrive and I am sincerely looking forward to returning very soon."
The club said that board director Andrew Umbers will be appointed as chairman in the absence of Cellino.
(Reporting by Toby Davis; editing by Martyn Herman)
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