The former Australian cricket captain announced he'd be stepping down as a board director this afternoon.
Calls have been growing for Smith and Warner - who recently padded up in club cricket in Australia - to return to the worldwide fold after a string of poor performances by the national team.
Taylor is the third member of the CA board to quit in the last six months, following Peever and former director Bob Every, who resigned in May over disagreements with Peever's leadership.
Smith and David Warner were slapped with a one-year global ban while rookie Cameron Bancroft was suspended for nine months by Cricket Australia in March this year for their role in the ball-tampering scandal in South Africa.
Speaking on ABC's 7.30 last week, Chappell called for cricket nous and experience to take priority over commercial acumen at the highest level of the governing body.
Taylor says as a cricket commentator, a former player and a member of the Cricket Australia board it was hard to "keep everyone happy". "I had an opportunity to put my name forward as the chairman or to step off".
Soggy and sozzled: The great Melbourne Cup clean up
In the same 2014 race, import Araldo had to be euthanised because of an injury suffered when he was returning to scale. The horse clipped the heels of another runner and injured a foreleg when falling as the field turned for home.
"In hindsight we'd have been better off saying "all right, let's push the AGM back a bit" and let people read it and then make some decisions from then on".
The longest serving current member of the CA board, Taylor said the time had come for him to decide whether to "step up or step off" in the wake of the hard-hitting Longstaff Review into the culture of the game and the organisation. "What is largely unknown to the public, were Mark's behind the scenes efforts to resolve last year's MOU dispute", the ACA executive said in a statement.
Eddings credited Taylor for his "significant role in helping build and shape relationships within the cricket community".
"That's where I got to, and I think I've made the right move in the interests of Australian cricket to step off and give hopefully a former player an opportunity to add some fresh ideas to this role as a director of Cricket Australia".
"It's a good opportunity, obviously with our men's team struggling, for all of us to change for the good and start working out how we can actually work together for the good of Australian cricket".