The West Coast Eagles have released a club statement, announcing a significant change to their executive hierarchy from next year.

Veteran magnate Trevor Nisbett on Wednesday announced he would step down from his long-standing duties as West Coast's chief executive officer after the expiration of his current contract in October 2024.

The 34-year Eagles servant declared he would "not be seeking an extension" to his current agreement, with club chairman Paul Fitzpatrick stating "Trevor will remain as chief executive until his successor is in place".

Nisbett will assist in the search for West Coast's new CEO, as the Lathlain club begins the process of undergoing significant off-field change after a disastrous 2023 campaign.

Nisbett spoke as part of a club media release on Wednesday morning.

"I have been speaking to the Board for several months and we have agreed that the club needs to start the process of finding a new Chief Executive as I will not be seeking an extension to my current contract. I have also relayed the message to my staff this morning," Nisbett said on Wednesday.

"I have served the West Coast Eagles for 34 years, 25 years as the Chief Executive Officer and nine years as the General Manager of Football.

"During this time, the club has won four Premierships and played in seven Grand Finals, 24 finals campaigns, grown to more than 100,000 members, established the Waalitj Foundation, moved to Optus Stadium, and moved to our new home at Mineral Resources Park.

"No expansion club in the national competition has been as successful as the West Coast Eagles.

"I have led the Club during these successes, but also during those times that we have really struggled, when winning feels a long way away.

"As has occurred previously I remain confident we will rebound."

Chairman Fitzpatrick commended Nisbett for his glistening list of achievements, labelling the prospect of replacing Nisbett as 'daunting'.

"No one in the history of our club has matched the impact that Trevor has had on our club and we will forever be indebted to him," Fitzpatrick said.

"The strong on-field performances are an obvious barometer but he has been a visionary with so many of the off-field initiatives of our club.

"The establishment of the Waalitj Foundation (formerly the Wirrpanda Foundation), the establishment of the Community and Game Development department that has such a broad reach throughout the State and beyond, and the club's financial stability are second to none.

"But we agree the time is now right to implement a succession plan and we will begin the search for the next CEO, given Trevor is not seeking to extend his tenure.

"Trevor will remain as Chief Executive until his successor is in place and will assist in the transition. It is a daunting task to replace Trevor and we expect it will take some time to complete."