He will be replaced by Deputy Vice Chancellor (Registrar) Tyrone Carlin.
The announcement comes after significant negative media attention this week over sexist comments made in a college Facebook group.
The new executive will be officially elected this Thursday.
The protest at USyd was one of a number at universities around the country
Wang was excluded from the ballot last Tuesday.
The societies independently organised and funded the event after the USU withdrew support. Additional reporting by Bianca Farmakis.
Former USyd student James Flynn was elected, taking over from Bruce Ross who has held the position since 1991.
Students have few other opportunities to take the Vice-Chancellor to task in person.
The proposed package would also force students to pay back their debt sooner.
Team member Alyssa Glass was also awarded best speaker of the competition.