However, the former Black Cats striker will remain at the Stadium of Light, spearheading an "international development" programme on behalf of the club.
This new remit means that Quinn will relinquish his day-to-day chairman's duties as he focuses on developing Sunderland's profile and business interests overseas.
As a result, current owner Ellis Short has agreed to take up the rein as chairman.
"This is a great opportunity for us to make the club stronger and I'm delighted that Ellis has agreed to support the plan," Quinn told the club's official website.
"He'll be a fantastic chairman and taking this role on speaks volumes about his ambition for the club."
Quinn had been at the Sunderland helm for five-and-a-half years.