That's what they said in their final press release, but it's not really accurate. Other lgbtq groups (especially black ones) had been complaining for years about the people on the board, who had infinite term limits and never took any feedback (and were, as far as I know, all white and very disconnected) the george floyd protests happened and they put out a vague statement that had edited what their volunteers had written to remove the phases "black lives matter" and "we stand against police brutality". They also thew kind of a fit about being asked why they removed those phrases, and after some back and forth, 80% of the volunteer force left, so they COULDN'T really put on the parade anymore. Only then did they say they were dissolving the group (instead of passing it off to others, which is what people asked them to do). And they tried to spin that as stepping aside to let others lead.

Sorry for the wall of text, it just annoys me how they got to control the narrative there.