The Ilkley-based professor joined the board 12 months ago as a non-executive director, but just six weeks later took over as chairman following the resignation of Peter Ridsdale.
McKenzie initially cut down the club’s over-spending and oversaw two rounds of redundancies at United as part of a £20m cost-cutting exercise.
Some embarrasing public mistakes played their part in McKenzie stepping down as chairman at the club's annual general meeting just prior to Christmas, although he remained a director.
McKenzie said: "I have stepped down from the board of Leeds United Football Club because I cannot properly fulfil my functions as a director.
"That is mainly due to the fact I have been travelling all over Asia through my business dealings, twice travelling to Japan and China since Christmas.
"But I remain the largest individual shareholder at the club, and I shall not be selling those shares, whilst I will also be continuing in my role as an advisor to the club.
"Not forgetting, I still have seats at Leeds United which I personally pay for."
His biggest mistake as chairman was to discuss with former boss Peter Reid his future at the club at a Halifax hotel with the media closely watching.
His acceptance of £200k for what was described as a “consultancy fee” in the annual accounts for a period through to September this year was also condemned.
It was anticipated McKenzie would use his Far East connections to mount his own takeover, although nothing ever materialised.