Cricinfo framing it as a cost cutting move too:
https://www.espncricinfo.com/story/john-stephenson-steps-down-as-essex-chief-executive-in-cost-cutting-move-1442638"John Stephenson, Essex's chief executive, has announced his resignation after only three years in the role, in what is understood to be a cost-cutting measure that reflects the deepening financial crisis among non-Test-hosting counties.
...
Stephenson's time at Chelmsford proved to be turbulent, with the club embroiled in a series of racism scandals, including an alleged racist comment from the then-chairman, John Faragher, at a board meeting in 2017 - a charge that Faragher denies but for which the club was fined ?50,000 by the Cricket Discipline Commission.
Last month, the club was again charged by the Cricket Regulator - the sport's new independent disciplinary body - after a series of historical allegations of racist abuse were last year upheld by an independent report, conducted by Katherine Newton KC."