Caley Thistle chairman Graham Rae has stepped down from his position, with vice-chairman Ross Morrison replacing him with immediate effect.
Director Alan McPhee has also stepped down from the board, however fellow directors Gordon Fyfe and Liam Dalgarno will continue in their roles.
Rae became chairman in 2017 following Willie Finlayson’s short-lived tenure, which followed the club’s relegation from the Premiership, while McPhee was the club’s longest-serving director having joined the board in January 2015.
Both Rae and McPhee were part of the Muirfield Mills group of Invernessians, who have provided just under £1.1 million worth of investment since 2012.
The group have now made it clear they are not prepared to invest further, with the club now keen to attract new investment and additions to the board when they hold an extraordinary general meeting on October 3.
Rae said: “Being the chairman of ICT has been a source of immense satisfaction tempered by the many financial challenges we have faced together while running a football club in the Scottish Championship.
“I am proud to have led a board of directors whose sole motivation has been to do their best for the club and community, while delivering operational and business continuity. Together, the board of directors has implemented many changes and improvements, and our collective achievements are considerable.”
Incoming chairman Morrison has been on the board since July 2018, and assumed the role of vice-chairman earlier this year.
Morrison, who has a background in finance and property development as well as Caley Jags’ community development programme, said: “I respect Graham’s decision, and on behalf of the club, I thank him sincerely for his, professionalism and his significant personal financial investment during his time with the club. My thanks also go to Mr McPhee who has also put in a power of work during his time as a director.”