VALENCIA, Spain – Chief executive and skipper Chris Dickson resigned from BMW Oracle Racing Thursday, four days after the American entry made an early exit from the America's Cup.

Dickson was at the helm for all but one of BMW Oracle Racing's Louis Vuitton Cup semifinals match races against Luna Rossa of Italy, which the Italians won 5-1.

The San Francisco-based syndicate flopped after coming into the 32nd America's Cup with the event's highest budget of nearly $270 million. It eased through the round-robin stages to a second-place finish.

“After four years of intense effort and at the conclusion of our participation in the current America's Cup cycle, I have decided to step down,” Dickson said in a statement. “I have decided that leaving now will allow both me and the team to move on and make plans for the future.”