The former Lakers star took up the post in 2017, and was a big player in their move to get LeBron James to the franchise in free agency last summer.
However, less than a year on from that acquisition, he has declared that he will walk away from the franchise.
Johnson did so without telling Lakers owner Jeanie Buss.
He alluded to the two fines he received from the NBA for tampering last year, after he discussed Paul George and Giannis Antetokounmpo.
Just hours before the Lakers played their final game of the NBA season, Johnson called reporters together for an impromptu press conference.
During the press conference, he spoke for nearly 40 minutes about his decision, and confirmed that he will be working with tennis superstar Serena Williams from now on.
“So today, I’m going to step down as president,” he announced.
“Her [Jeanie Buss] and I have such an amazing relationship.
“I think that she gave me full power to do what I wanted to do.
“With her and I, I want to always preserve our relationship, and love her.
“I think that I had more fun when I was able to be the big brother and ambassador to everybody.”
Johnson declared that he wanted to be able to tweet NBA players congratulations, but felt like he was under too much scrutiny from officials.
“I thought about Dwyane Wade retiring tomorrow and I can’t even tweet about it.
“Serena Williams called me about a week ago and asked me to mentor her and be on her advisory board, and I thought ‘yeah, I’m going to do that’.
“Ben Simmons called and we went through the proper channels, and they made me look like the bad guy there even though I didn’t do anything wrong, we did everything right.
“I was thinking about all those times guys who wanted me to mentor them and be a part of their lives and I can’t do that.”