The move is part of a restructuring at boardroom level and will allow Wiseman to devote more time to his other business interests.
However, the local businessman will remain as honorary vice-president, thus continuing the club's long association with the Wiseman family.
"We'd like to thank Mike for his efforts as a director since we arrived at the club." acting chairman Peter Pannu told Birmingham's official website.
"We are delighted that he is willing to maintain his link with the club as honorary vice-president and to continue with his much treasured advisory role."