Edward Griffiths resigned as interim chief executive of Saracens with immediate effect on Tuesday, days after the club accepted their imposed relegation from the top flight at the end of the season.
Griffiths' decision to stand down came on the same day that Saracens were handed a further 70-point deduction by Premiership Rugby to ensure they finish bottom of the table.
The club were initially docked 35 points for breaching salary cap rules over the past three seasons before being relegated for failing to comply for the current campaign.
Griffiths, who was Saracens chief executive from 2008 to 2015, had returned to the London-based club for a 12-month period following Nigel Wray's departure as chairman.
"This was always going to be a very short-term appointment, and others are well-placed to drive forward the rebuilding of the club," Griffiths said in a statement.
The club confirmed the recruitment process was underway for a long-term CEO and an appointment would be made in due course.
"The club is very grateful to Edward for temporarily stepping away from his other commitments to provide significant assistance during a difficult period, and wishes him well in the future," Saracens chairman Neil Golding said.
English and European champions Saracens have dominated English rugby over the past decade, lifting the Premiership title five times and being crowned European champions on three occasions.
But their reputation was tarnished when they were sanctioned for breaching salary cap regulations over the past three seasons - a charge they decided not to appeal.
The club were demoted to the Championship by Premiership Rugby after failing comply with salary cap rules for the current season.
Later on Tuesday, Premiership Rugby said the club had been deducted a further 70 points, in addition to their earlier 35-point deduction, and would therefore end the season bottom of the 12-team league.
"The league table will be updated with effect from today," Premiership Rugby said in a statement.
Saracens, who would sit in third place without the sanctions, now have -77 points.
(Reporting by Hardik Vyas in Bengaluru, editing by Pritha Sarkar, Christian Radnedge and Toby Davis)
