Reg Smart has stood down as chairman of Second Division strugglers Cambridge after 12 years in the post and 30 years as a director.

Smart announced his decision at the club's Annual General Meeting on Monday and said his decision is the product of a desire to spend more time with his family.

"I have enjoyed everything about my involvement with this football club and I would like to offer my thanks to all of the shareholders," said Smart.

Smart was asked by the club's directors to remain at the club as a director.

"I do not know whether that would be fair on whoever is the new chairman," Smart told the club's official website.

"It's like looking over someone's shoulder and I don't know whether that's fair."

Vice-chairman Roger Hunt has become acting chairman.

Hunt paid his own tribute to Smart upon hearing the chairman's decision to stand down.

"To say 'thanks' is nowhere near enough to thank you for your involvement with this club," said Hunt.