In a statement, Fagan said he started talking to former club chairman Rob Chapman about "transitioning" out of the role more than a year ago.
"In recent times, we have made a number of key decisions, relating to both football personnel and other areas of strategic focus, with a view to best preparing the club for a post-pandemic Australian sporting landscape," he said.
"The CEO who leads the club through this process must be in it for the long haul and I am not that person, and I firmly believe this position should not be a long-term role for any individual."
