COLIN Carter will stand down as Geelong president next month, to be replaced by respected Melbourne businessman and fellow Cats director Craig Drummond.

Carter, a former AFL commissioner, has been Geelong president since 2010, when he replaced Frank Costa.

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Drummond, a lifelong Cats fan, is CEO of Medibank Private, which has a market capitalisation of $8 billion. He has had a long career as one of Australia's most senior bankers.

In his 10 years in charge of Geelong, Carter helped entrench the Cats as one of the AFL's best run clubs.

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In a statement released later on Wednesday, the club confirmed Carter would step down at the Cats' annual general meeting on January 28 next year. 

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"It's easy to be proud of an organisation that has so many great people and that has been so successful," Carter said in a statement.

"This is a successful organisation and I’m pleased that we have built on this. In particular, I thank the members for their support. This year our members and philanthropic donors stood behind the club in a period where the impact of COVID could have set us back a decade. What they have done for the club was wonderful.

"Stick with us, we are still striving to enjoy the ultimate success again!"