Sykes, a financial expert who held numerous roles within investment banking giants Goldman Sachs, will officially stand aside on January 1.

Los Angeles 2028 has formally invited Sykes to take up a position on its Board, which he has accepted.

Sykes was appointed as chief executive, an unpaid role, in November 2015 and was a key member of the Bid Committee which eventually secured the hosting rights for the 2028 Summer Olympic and Paralympic Games in September of last year.

He has since worked with Los Angeles 2028 chairman Casey Wasserman to oversee the transition of the organisation from a bid to an Organising Committee.

Los Angeles 2028 claim Sykes was "instrumental in helping to bring the Games back to the United States for the first time in a generation".

"Working with Casey and the rest of the Los Angeles 2028 team has been a remarkable experience,” said Sykes.

"I am proud of our accomplishments and look forward to continuing to support the mission of Los Angeles 2028 as the Olympic and Paralympic Games come to Los Angeles.”

Wasserman, who will continue to lead the organisation as chairman, thanked Sykes for his service to Los Angeles 2028 and claimed his departure as chief executive would not adversely affect their preparations.

"On behalf of all of us at Los Angeles 2028, I want to thank Gene for his friendship, his leadership, and his passion for seeing the Games return to his native Los Angeles,” said Wasserman. 

“We are grateful for Gene’s contribution to the next chapter of Los Angeles’ Olympic and Paralympic story and appreciate the diligent work he’s done to build our Organising Committee foundation. 

"We are well positioned for our journey ahead."

Los Angeles is hosting the 2028 Games after the International Olympic Committee awarded two editions at the same time at its Session in Lima last year, with Paris due to host the event in 2024.