Thailand based John Sim - who owns the ground and Stark’s Park stadium – has handed over the hot seat to Kirkcaldy businessman, Steven MacDonald.
The move is with immediate effect.
Mr Sim, who is currently in town, made the announcement late this afternoon.
He remains at the helm of the company which runs the club.
Mr MacDonald has been a board member for three years and the club says he brings “a wealth of experience and knowledge to the role.”
The club statement said, in full: “Raith Rovers are today delighted to announce that Steven MacDonald has agreed to take on the position of chairman of the club with immediate effect.
“Over the past 35 years Steven has built up a well-known and very successful business in the Kirkcaldy area while involving himself in Fife football at many levels.
“For the past three years he has been a member of the board and he will now replace owner, John Sim in the chairman’s role.
“He will bring a wealth of experience and knowledge to the role.
“Please join us in wishing Steven success in this new chapter in the Club’s history.