Caley Thistle chairman Willie Finlayson will step down from the role at the end of the month – just three months after taking on the position.
Finlayson, who succeeded Kenny Cameron following his resignation on May 23, will be replaced by fellow Inverness director Graham Rae.
The club announced the change in a statement from the board where it was claimed Finlayson’s role was always intended to be a short-term one.
The statement read: “At the time of his appointment, Willie advised the board that his tenure as chairman was not intended to be long term, and he has now subsequently confirmed that he will step down at the end of this month.
“The board has subsequently met and are pleased to confirm that Graham will succeed Willie as chairman of the club. A separate announcement with more specific information will follow.
“The board would like to acknowledge the contribution of Willie Finlayson who as chairman, continues to provide transitional leadership and consultation between the past, current and new board members.”
Rae, who has worked in the oil industry in both Houston, Texas and Abu Dhabi, was one of the original four Muirfield Mills Investors, alongside Richard Hillier, Alan McPhee and Paul MacInnes, who invested £250,000 into the club in 2012.
The board has also announced it will have brought in £500,000 in fresh investment by the end of next month and insist, despite relegation, it is in a strong financial position.
The financial position will be strengthened further when the paperwork is completed to transfer ownership of Caledonian Stadium from the Tulloch Group to the club next month.
However, the board has stressed the need for financial prudence and it is clear there will be no knee-jerk reaction to the team’s poor start to the campaign.
Saturday’s 5-1 loss at Dunfermline has left John Robertson’s side propping up the Championship with no points from their opening two games.
The statement from the board continued: “This is a fantastic club with a proud history and devoted supporters.
“We know that relegation does not sit well with anyone involved in this club. Re-building has begun in earnest but there is still more to do, with everyone having recognized that we have had a challenging start to the season.
“We are pleased to report that by the end of September this year, the club will have secured £500,000 of new investment, which will be fully utilized towards addressing past and current financial shortfalls.
“The business plan for the current year is now one which has passed a financial robustness check from our accountants.
“There are many challenges ahead and therefore, to safeguard our financial position, everyone connected with the club should be aware that we cannot spend more than we earn, and that careful and effective fiscal management is critical for the realisation of our business and footballing goals.”