The organization has appointed Nick Hockley, who was the T20 World Cup local organizing chief, as interim chief executive until a permanent replacement can be found.
Reportedly, the governing body conducts a global search for the next long-term leader.
Here is more.
The fate of Roberts was sealed on Monday night with the board members unanimously reaching the decision.
His level of trust with players, state associations and the governing body's own staff plummeted with his poor handling of funds amid COVID-19 pandemic.
It has been learned that the board had reservations about his ability to be CA's long-term chief.
Roberts took over the post from James Sutherland in October 2018 despite receiving criticism.
Initially, he was given a three-year contract with the option extending two more in October 2018.
Under him, the Men's team resurrected from the infamous Newlands scandal in 2018.
However, the financial crisis forced him to mow down the staff costs by 80 per cent.
Nick Hockley impressed with with his handling of the T20 Women's World Cup, an event that gathered spectators in huge numbers throughout.
Hockley was initially associated with the organizing team for the 2015 (ODI) World Cup.
He then held a senior commercial role with CA from 2015 to 2017.
Previously, he was involved in the operations for London 2012 Olympics.
Cricket Australia chairman, Earl Eddings, confirmed the details while addressing the media.
"Kevin and the board and I have been working hand-in-glove over the last three to four months around this. We thought it's time now and Kevin agreed with the board that it's time for a new leadership and he tendered his resignation accordingly for the good of the game," Eddings said.
"It's been a privilege to lead and serve the sport I love as CEO of Cricket Australia. Our team of staff and players are outstanding people who contribute so much to the game and I'm proud of what we've achieved together," Roberts said.
The Australian cricket board will be looking to cover up the deficits in the upcoming months.
However, Eddings said the possibility of conducting T20 World Cup looks "unrealistic", presently.
"I think it's unrealistic or would be very, very difficult. We've put forward a number of different options to the ICC we're working through at the moment," he concluded.
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