Middlesex said in a statement on Tuesday that they do not expect to find a successor before the AGM on April 4, adding: "Given that there are a number of hugely important issues on the agenda for the game which will require significant involvement from each of the first-class county chairs in the coming weeks and months, including the ongoing ECB High Performance Review and the forthcoming release of the Independent Commission into Equity in Cricket, the club has taken the decision to appoint an interim chair immediately."
Fraser, who played 46 Tests for England and later acted as a selector, spent 12 years working as Middlesex's managing director before taking on his existing role in 2021. He said he was "extremely proud" and thanked Middlesex "for affording me the honour of holding the position of interim chair".
Andrew Cornish, Middlesex's CEO, said: "As a board we have spoken at length about how best to manage Mike's departure from the role as chair ensuring that there is no adverse effect on the club over this time.
"Mike's departure comes at a critical time for the game at large, and we need to do all we can to ensure that we as a club are able to continue to operate without any interruptions.
"Upon completion of the recruitment process, when the club has found a permanent successor to Mike, Angus will then be very well placed to pass on the baton of chair.
"He is exactly what we need at this time, and on behalf of the club's board, I would like to thank him for agreeing to step into this interim role."