During his seven-year tenure Strong, who joined the board as a result of his longstanding friendship with Rip Curl co-founder Brian Singer, helped the company grow sales from $300 million to more than $431 million.
It is understood Strong, 64, will retain his small stake in the business.
Rip Curl, which began producing surfboards before expanding into clothing, accessories and shoes, posted a profit of $14.4 million in the year to June, with sales rising by 11 per cent to $431 million. However this was tempered by the fact the company had to write down the carrying value of its retail stores - operated across Australia, New Zealand, Europe, US, Canada, England and Israel - by $1.5 million in what the company termed a "softening in their retail performance".
Both Brian Singer and his co-founder Doug Warbrick remain on the board and hold the majority shareholding in the company.