According to BBC News, the 55-year-old continued to receive his full £87,500 salary during his seven-month suspension, up until his departure in March.
His exit comes as he remains locked in an ongoing legal dispute with the organisation after being accused of attempting to frustrate the investigation into his conduct.
Joell-Deshields has been approached for comment.
Volunteer directors at London LGBT Community Pride, the community interest company behind parts of the capital’s annual event, allege he spent around £7,000 worth of vouchers donated by a sponsor.
The vouchers were reportedly meant to be used as raffle prizes and gifts for volunteers, but the directors claim they were instead spent on luxury perfumes and Apple products.
In a whistleblowing disclosure, the volunteer directors also claimed there was a "bullying culture" at Pride in London.
An independent investigation was launched into the allegations and, following its findings, Pride in London confirmed on Tuesday that Joell-Deshields had been dismissed. He had led the organisation since 2021.
He appealed the decision but it was upheld by an independent council, the organisation added.
Pride in London, which has around 100 year-round volunteers and two paid members of staff, said its interim chief executive, Rebecca Paisis, would be "implementing a new governance structure to ensure Pride in London operates at the highest standards".
This year’s celebration is due to take place on 4 July, with sources at the organisation saying it will go ahead "as usual".
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The event costs around £1.3m a year to run and depends on around 1,000 volunteers on the day. It is largely funded by corporate sponsors, alongside roughly £175,000 annually from the Mayor of London’s office, the Greater London Authority.