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Published 09:53 20 Jun 2022 BST
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The club say that Buck will continue to support the club in a senior advisory role.
"I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community," he said.
"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."
New Chelsea owner Todd Boehly paid tribute to Buck's contribution to the club.
"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," he said.
"We thank Bruce for his service and his commitment to the club."
Boehly is expected to take the chairman role following Buck's decision to step down.
https://twitter.com/ChelseaFC/status/1538794489610903552
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