In a statement released today he said: "I made it well known when I took over from Keith Wagstaff as Chairman that I was ready for a break from football, after ten years on the Board, and the reason I agreed to stay was because I believed I was best able to give Brian Laws the confidence and support to be successful.
"I also made it quite clear that I would only remain after one year if we were to gain promotion. Keeping my word means everything to me, but I felt I could not leave the club at a time when League football was facing an unimaginable financial crisis.
"I believe we have weathered the storm better than most other League clubs and still had an exciting season culminating in the play-off semi-final and a season that is a credit to Brian Laws and his staff anf of course the players.
"Despite having had no aspirations to become your Chairman i have enjoyed my two years immensely and hope I leave the club in good heart for those who follow me."
Wharton highlighted the club's administration, commercial and public relations as areas which need improving for the club to continue to move forward.
He said: "In my few remaining months I will be trying to put in place a thoroughly profesisonal operation with modern facilities to really take the club forward and provide the extra finance to make Brian's job that little bit easier."
Wharton praised Community development officer Lee Turnbull for his work with the club's Football in the Community scheme, the Study support senter and the development of a all-weather training pitch at the club.
He also highlighted the work of groundsman Graham Colby, for his work on the pitch and the new irrigation development system.
He said: "Despite the setbacks caused by mindless vandals the new automatic irrigation system is completed and fully operational.
"Graham Colby spent two nights guarding the installation and that really does show his commitment to the club beyond the call of duty."
Despite his resignation from his role at Chairman Steve Wharton will remain a dedicated supporter, and will do anything he can to help the club.
He added: "I will of course continue to do all I can for Scunthorpe United and wish Chris Holland and the Board continues success.
"I owe it to my family to spend more time with them and perhaps I will be able to concentrate a little more on my own business.
"That said I will continue to support Scunthorpe United and shall be pleased to offer any assistance i can, if requested.
"The directors have intimated that they will be proposing that I be appointed Club President and if they do I shall be honoured and delighted to accept, not least because this will ensure my continued close links with the club.
"We have every reason to look forward to a fantastic season, thank you for the support and encouragement you have given me over the past two years."