North Melbourne chairman, Ben Buckley, has credited outgoing managing director and CEO, Carl Dilena, for the club's unprecedented stability and strength.
Dilena today announced via a letter to members, that he would step down at the end of October, after ongoing discussions with the Board.
"Collectively, we have decided that the time is right for change," Dilena wrote.
"Accordingly, I will be stepping down from my roles as both director and CEO at the end of the financial year on 31 October 2019."
Dilena joined the Board in 2008 and took over as CEO in 2013.
"The Board’s primary focus and goal with me stepping into the CEO role ... was to embark on a financial turnaround of the club," Dilena continued.
"A secure financial base, the ability to pay the full salary cap to attract and retain players and the ability to provide appropriate football department resources are all absolutely critical if a club is to succeed on-field in the incredibly competitive modern-day AFL landscape.
"While I will naturally depart the club with a tinge of sadness, I also leave feeling comfortable in the knowledge that all of the great people I have worked with have given their all and positioned the club for a bright future."
Buckley was full of praise for Dilena's time at the helm.
"Under Carl's leadership, we achieved a tremendous amount," Buckley said.
"On the field there were the preliminary finals in 2014 and 2015, but off the field in particular, Carl made a lasting and profound impact.
"He and his team effectively eliminated our debt, ensured we could pay 100 percent of the TPP and increased football department spending, while strategically enhancing and growing all areas of the organisation.
"Ten of the past eleven years, we have posted a profit. We expanded further into Tasmanian and other communities, we've grown commercially, and this year recorded our second highest membership figure.
"Three new teams have been added, our Arden St headquarters were enhanced for our players and so that games could return to our spiritual home.
"Without a doubt, Carl has helped set us up for an exciting future with a level of stability and strength that we've never had before."
Dilena will continue to work with the football department and administration while the search for a new CEO begins.
"On behalf of everyone at North, I'd like to sincerely thank Carl for his incredible service and work, and we'd also like to say thanks to his wife Simone and family," Buckley added.
"Without Carl's skillset and expertise, we would not be where we are today.
"With the foundations he's helped to lay, we now sharpen our focus even further, and continue to aggressively pursue the ultimate success for our club."