This will be supplemented by a new advisory board, which will be chaired by Sheepshanks.
FA chief executive officer Martin Glenn said: “It is testament to the good work done by David and the other Board members that this transition can happen only several years into the life of the project.
“We are delighted that David has accepted the role as Chairman of an advisory board whose role it will be to provide challenge to the management team as they develop their plans for the future of St. George’s Park.
“It is anticipated that this advisory board will also consist of a number of eminent people from both football and sport so that St. George’s Park measures itself against the best of sport in the UK and the world.
“Let’s not forget the national football centre project had been mothballed for several years when in 2008 David and his new board took it on, researched and ultimately completely revised the business plan.
“Delivered on time and on budget for the long term benefit of English football, St. George’s Park is now one of the top facilities of its kind anywhere in the world.
“Personally I have been hugely impressed with the site and want to thank all of the board for their terrific work in making the project a reality and creating what has become a source of great pride to the FA.”
Sheepshanks added: “It has been an enormous privilege to have led a team of such brilliant people involved in the different stages of development, design, construction, and for the last three years, operating St. George’s Park.
“I would like to thank all of them and the FA board for their support throughout. It is now running exceptionally well so everyone involved can be rightly proud of their achievements.
"St. George’s Park will forever remain a passion for me and I will continue to do what I can to assist Martin Glenn and his team there in their quest to maximise its potential.”