Graham Taylor has stepped down as non-executive chairman of Watford, but will remain as life president.
The former England manager was appointed to the role in January 2010 after a brief spell as interim chairman.
But, with the Championship club now in a stable position both on and off the pitch, Taylor has opted to stand aside as he also struggles to devote the time required for the position.
He told the club's official website: "Having accepted the position of non-executive chairman after being interim chairman, I have always made it clear I never felt this to be something for the long term."
He added: "I'm about to head off to the Euros and then away on private holidays. This not only highlights the lack of time I now have to devote to the Watford chairmanship but also provides a natural break for the club to plan ahead."
Taylor will also relieve his duties as non-executive director at Vicarage Road, which he has held since January 2009.
Owner Laurence Bassini will act as interim chairman until Watford's board arrange a permanent long-term replacement.