Montgomery, a four-time Olympian in water polo, had held the position since 2001 but has opted to step down to “reprioritise and reduce” his current workload.

John Coates, the President of the AOC and a vice-president of the International Olympic Committee, admitted Montgomery will be sorely missed, describing the 66-year-old as a “stalwart” of the Olympic Movement in Australia.

“Peter has been a close friend and loyal supporter for over 30 years and I am very sad to see him step down,” said Coates.

“The Olympic Movement in Australia has lost a stalwart, a four-time Olympian in water polo, who has given so much back in his service to the AOC and to sport in general.”

Montgomery first represented his country at the 1972 Olympics in Munich before he went on to compete at the next three editions of the Games.

After his retirement, he then embarked on a career as a sporting official and he was elected as the first President of the AOC Athletes’ Commission in 1984.

Montgomery was also a member of the IOC Athletes Commission for 11 years between 1988 and 1999, while he was first appointed to the AOC Executive in 1989.

He also played a key role in Sydney’s successful bid for the 2000 Olympics and served on the IOC Coordination Commissions for the 1988, 1992 and 1994 Games, as well as the event on home soil.

“As a solicitor and astute businessman, Peter has made a most significant contribution to the financial strength of the AOC and the AOF which has benefited many Olympians past and present,” Coates said.

“He has always provided sound advice in a host of honorary positions he has held over the years. 

"Peter’s wise counsel and generosity will be sadly missed, everyone wishes him well.

“As a four-time Olympian he understood the athletes and their needs. 

"In all the teams in which he was a very capable Deputy Chef, he liked nothing more than engaging with the athletes whether it be a chat in the Village Dining Hall or our in the venues cheering on the Team.

“Peter was a positive influence on many of them.”