Korda sent a statement to Magpies members and media on Thursday evening, laying out his intentions and motivations behind the decision.
"I have informed the Collingwood board of my intention to step down as a director at the end of my elected term, the end of the 2022 season," he said in the statement.
"My role as president has been to see Collingwood settle, transition and reposition itself on and off the field in the wake of the departure in February of long time president Eddie McGuire.
"With a relatively new board in place at the time, it was important to provide continuity between one age and the next."
Korda boasted about his role in guiding the club through the post-McGuire transition which included posting a "small operating profit on the year" despite the challenges of the COVID-19 pandemic.
He also spoke of his leadership through the "parting of ways" with Nathan Buckley and in finding his replacement alongside general manager of football Graham Wright, in newly-appointed coach Craig McRae.
"I am confident that in time we will see significant improvement in our performance because of it," Korda said.
Korda also referenced the fallout of the Do Better Report and how the club intends to continue to address the major issues raised from it.
"By the end of next season the energy of a diverse and progressive board will be ready to take further a transformation that is already underway," he said.
"Our intention to introduce a long overdue reform of our conditions of board tenure will also be in place after consultation with members. In keeping with best governance practice, we intend to set a limit on the tenure of a director at three terms, or nine years, and limit the maximum tenure for a president to two terms, or six years.
"This modernisation of our constitution will introduce a practice in place across business and numerous AFL clubs. It will keep the board fresh and continually replenished by new ideas and energy."
Collingwood's annual general meeting with members has been brought forward to December 16, where board members Peter Murphy, Christine Holgate, Bridie O'Donnell and Neil Wilson will all be up for election.
For a daily dose of the best of the breaking news and exclusive content from Wide World of Sports, subscribe to our newsletter by clicking here!