Graham Taylor has stood down as Watford's non-executive chairman.
The Hornets' most successful manager will remain as the club's life-president, with owner Laurence Bassini taking over as his interim successor until the Watford board decide on a longer-term solution.
Taylor told Watford's official website: "Having accepted the position of non-executive chairman after being interim chairman, I always made it clear I never felt this to be something for the long-term.
"There's never a right or wrong time to make these decisions, but I wanted to provide as long as possible during the close-season to consider a replacement or perhaps give a new focus to the role."
Bassini said: "I fully understand Graham's wish to concentrate on his other commitments, but let me make it clear that I'm very disappointed to be losing him as chairman off this club.
"I wish him all the very best for the future and will no doubt continue to seek his advice from time to time.
"It is obvious how much he has done for Watford over the years, and he will of course be welcome here any time."
Taylor added: "It would have been wrong of me to have stepped down just before the start of the season, and to have left an unsettling vacuum at that time.
"I'm about to head off to the Euros as part of the BBC commentary team, and then away on private holidays.
"This not only highlights the lack of time I have to devote to the Watford chairmanship but also provides a natural break for the club to plan ahead."