Richard Pratt has stood down as Carlton president after he was charged with lying during an Australian Competition and Consumer Commission hearing.

1987 and 1995 Blues premiership captain Stephen Kernahan will take over the top job in an interim capacity and the club has not ruled out Pratt returning to the position if he is subsequently found not guilty of the criminal charges.

Found guilty last year of conspiring to fix prices in the cardboard industry in his role as chairman of Visy Board with main rival Amcor, Pratt was fined $36 million.

The ACCC lodged a summons in the Federal Court on Thursday charging Pratt with breaching the Trades Practices Act, alleging that he lied during the ACCC's hearing three years ago.

Pratt now faces the possibility of spending as much as four years in jail if found guilty.

Chief executive Greg Swann made the announcement at Princes Park on Friday morning, saying Pratt had 'shown his loyalty' to the club by standing aside with Kernahan to 'ensure the great work of the past 16 months continues'.

"These things may resolve quickly or they may take some time, but at this stage he's standing aside and … we'll assess these things as they go," said Swann.

Swann said he didn't believe the situation would be a distraction or damaging or had in any way embarrassed the Carlton Football Club.

"It's not a matter directly related to the club, so from our point of view, it’s come as a surprise, but that's what happens," he said.

"From a club perspective, our focus is on the weekend and we'll move on. I don't think there's going to be a distraction for the players."

Kernahan, who spent an hour with Pratt on Friday morning, said the feedback he had fielded had been overwhelmingly in support of Pratt.

"The Carlton people and most of the people I know are very supportive of Dick and what he's done for not only this club, but the stuff he's done for a lot of people around the world," Kernahan said.

"We're fully behind Dick and I think most people are."

Asked whether the situation had the potential to destabilise the club, Kernahan said: "It's a hiccup".

"We don't feel good about what’s happened for Richard; we all feel for him."

"Dick's got his issues to sort out … but we've got a lot of good things happening and we’ve got to keep that going."

Since Pratt took over as president in early 2007 Carlton's fortunes have turned around significantly both on and off the field, with its finances in much better shape and the club now in the eight as it chases its first finals appearance since 2001.