Bruce Buck will step down after 19 years in the role.
The 76-year-old was appointed in 2003 when former owner Roman Abramovich took over the club.
He will continue his role till the end of June and will now move into a senior advisory role with the Premier League giants.
Buck said on Chelsea’s official website: “I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community.
“Now is the right time to step down and let new ownership build on the strong foundations we have in place.
“The owners have a compelling vision for Chelsea’s future, and I look forward to helping them achieve it in this new role alongside our incredible staff, players, coaches and supporters.”
Todd Boehly: “Bruce has led Chelsea to the highest levels of international and domestic football, while also developing one of the most active social responsibility projects in sport. We thank Bruce for his service and his commitment to the club.”