Former ICC [Images] president Malcolm Gray says Malcolm Speed's [Images] premature exit as the CEO of cricket's world governing body smacks of racial bias and shows that the game's management is being increasingly influenced by money and power.

Speed was asked to go on paid leave after a "fundamental breakdown" between the Australian and ICC president Ray Mali and member boards over the issue of Zimbabwe Cricket Union's (ZCU) financial records.

"I think it's disgraceful. To me it smacks of mismanagement of a man leaving his position. By doing this it just shows there are problems," Gray told The Age.

• Australia express regret on Speed's departure

"I suspect parts of the problems ... have been brought about by the use of power, with the money flowing in, underlying a lot of decisions in international bodies. Regrettably, there are racial connotations," he fumed.

Gray said the episode has sullied the ICC's image and could have been handled more tactfully.

"Whether it's a cricket body or a corporation you don't bare your dirty washing in public if you can help it. In this case I'd have thought it would be completely avoidable," he said.

Speed was at loggerheads with the ICC president and the member boards over a contentious audit report on Zimbabwe Cricket Union that showed massive financial bungling.

Speed wanted action on the report but the ICC chose to brush it aside.

Gray, who recruited Speed as CEO during his tenure as president, said the ICC seems to be in a mess at the moment but the situation could have been far worse had it not been for the managerial skills of Speed.

"Malcolm is a first-class manager and administrator. He is tough, with great integrity and honesty," Gray said.

"Despite seeming to be in a bit of disarray now it (the ICC) would be a lot worse off if it hadn't been for Malcolm Speed," he added.

Gray also hit out at the Indian Premier League, saying the ICC's Future Tours Program has been put in "grave danger" by the multi-million dollar Twenty20 venture.