In a statement, McKenzie said: "When I was appointed chairman of Leeds United plc I made it clear my immediate tasks were to stabilise the business, to improve our trading position and to introduce a strong management team capable of achieving a robust, long-term restructuring package.
"We have cut £20m from our costs on an annualised basis and are now beginning to trade viably.
"I have been fortunate to recruit in Neil Robson (finance director) and, more recently, Trevor Birch, our chief executive, an outstanding management team.
"I have also been able to give a number of younger staff within the club the chance to run parts of the business. Already it is clear they are responding very positively to this opportunity.
"It is also essential that we ensure, not only that new funds are available, but also that the club is subsequently only in the hands of owners and managers who care deeply about Leeds United Football Club and who can provide the fans with the success their tremendous loyalty and support so richly deserves.
"To generate these funds it will be necessary to bring potential new investors into the club and negotiate on their behalf with the club's advisors and creditors.
"To date there have been no substantive discussions with me, but clearly any possible future involvement in negotiations on behalf of potential new investors could cause a conflict of interest if I were to remain chairman of Leeds United plc.
"Consequently, I have decided that, in order to support the club and its fans in the best way I can, I shall not seek re-election to the plc board at the annual general meeting on 23 December.
"Rather I shall spend time over the next few critical weeks seeking to ensure that the best possible levels of funding and the most appropriate form of ownership is secured to take this great club forward."
McKenzie, who only took over at the end of March following Peter Ridsdale's resignation, is understood to be mounting his own takeover bid, potentially with a Chinese consortium as he has strong business connections in the Far East.