Turnbull Hutton is to stand down as Raith Rovers chairman.
And his departure is set to spark a restructuring behind the scenes at Stark’s Park.
Hutton remains a major shareholder at the Championship club and will chair the remaining meetings planned for 2014 before stepping aside.
The club plans to have a new board in place by the end of the year and it will elect the next chairman.
It has promised “a seamless transition”.
Hutton had indicated several months ago he would stand down, citing age and health as well as family commitments among his reasons.
Since then the club has been working towards sorting out the myriad of companies behind the club, with the view it needs only two - Raith Rovers and Stark’s Park Properties - with cross representation between the boards.
New directors are expected to be appointed in the coming weeks.
A club spokesman paid tribute to Hutton, adding: “The club remains in existence largely due to his leadership through some difficult times.”
Raith manager Grant Murray paid his own tribute, adding: “I’ve got a lot of respect for Turnbull.
“He’s given myself an opportunity at this football club to take my first step into management and I’ve got to thank him for that.
“The staff and players all look upon him as a figurehead, and he’s always stood up and said what he believed in for this football club.
“I’m disappointed to see him leave but I’m delighted that the players gave him that day against Rangers in the Ramdens Cup as something to take away.”
Murray insisted that he does not feel unsettled by the departure of the chairman who appointed him and who has continued to support him.
“I don’t see it affecting anything that I take care of on the playing side of things,” he said.
“I’m sure the rest of the board of directors will assess it in the near future.”