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Buck has been in the role since 2003 but has said now “is the right time to step down and let new ownership build on the strong foundations we have in place”.
The 76-year-old American will continue to support the club as a senior advisor. Boehly has adopted a hands-on role over since his takeover and is expected to take over as chairman when Buck steps down at the end of the month.
Buck said: “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.”
Buck was part of a Chelsea management team that received £50million in bonuses following the Boehly-led takeover of the club.
He and director Marina Granovskaia played a central role, alongside the US bank Raine, in selecting a preferred bidder for Chelsea and were handsomely rewarded in the form of bonuses.
New Chelsea owner Boehly said: “Bruce has led Chelsea Football Club 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.”
Buck helped establish Chelsea as a powerhouse in world football during his 19 years as chairman.
During his time at Stamford Bridge, Chelsea won 18 major trophies - more than any other English club. Chelsea Women won 12 major trophies in that time.