Drake announced he was stepping down from his role in three months ago at a time when the governing body began to come under scrutiny from UK Anti-Doping (UKAD) regarding allegations of wrongdoing surrounding therapeutic use exemptions (TUEs) and the administering of medication to riders.

Jamie Obank has been asked to lead the organisation in his role of chief operating officer until a new chief executive is appointed.

"Ian has been in discussions with the board of British Cycling with a view to leaving his role as chief executive earlier than planned," read a statement on British Cycling's website.

"In recognition of the progress made, the board has agreed to allow Ian to step down with immediate effect.

"Ian has also stepped down as a member of the Sport England board."

During Drake's time in charge, track cycling has overtaken rowing as Great Britain's most successful Olympic sport.

The country won 20 of the 30 gold medals available in the sport over the past three Games.

“I would like to take this opportunity to recognise Ian’s tremendous work for British Cycling as chief executive over the last eight years," British Cycling President Bob Howden said today.

"On behalf of the board I wish Ian every happiness in the future. 

"Recruitment for a new chief executive is progressing well and I expect to be in a position to make a further announcement in the coming weeks.”

A UKAD investigation is currently ongoing related to the contents of a package delivered to Sir Bradley Wiggins, who has now retired, by Team Sky doctor Simon Cope, who travelled from Geneva to La Toussuire with requested medication on June 12, 2011.

Team Sky general manager Sir David Brailsford along with former coach Shane Sutton and British Cycling President Bob Howden spoke to the Commons' Culture, Media and Sport Select Committee in December.

They were summoned to answer questions on anti-doping and the mystery medical package delivered during the 2011 Criterium du Dauphine.

Sir David told the hearing that he had been informed the package contained fluimucil - a product used to treat coughs and sore throats.

This came after, he claimed, permission was given by UKAD for him to make public its contents.

Britain's five-time Olympic champion Wiggins won the seven-stage race, a traditional build-up race to the Tour de France.

The "mystery package" story, broken by the Daily Mail in October, came after the Fancy Bears hacking group leaked World Anti-Doping Agency (WADA) data.

They alleged Sir Bradley received permission to use salbutamol to treat asthma in 2008 before receiving three successive exemptions for corticosteroid triamcinolone acetonide in 2011, 2012 and 2013 due to a pollen allergy.

His three approvals for triamcinolone acetonide coincided with the Tour de France in 2011 and 2012 and the Giro d'Italia in 2013 - his biggest races of all three seasons.

All parties have denied wrongdoing.