Blackpool chairman Karl Oyston has stood down with immediate effect, but will remain with the Premier League newcomers as acting chief executive for the time being.
The 43-year-old had been at the helm at Bloomfield Road for just over a decade.
A statement on the club's official website read: "Blackpool FC can confirm Karl Oyston has stood down as chairman and director of the Football Club with immediate effect.
"He will remain at Bloomfield Road as acting chief executive until the end of the season, or in the interim until a new chairman is appointed.
"During this time he will continue to work closely with the manager Ian Holloway on player recruitment and to oversee the continued development and reconstruction of the stadium.
"The club would like to emphasise that there will be no interruption in the recruitment of players or the work required on the stadium."
Oyston had recently spoken of his frustration in dealing with agents and offered to stand down.
He had said: "I'm not sure I have the right approach to be in this division. The more I speak to other people at other clubs, the more I realise I am a lone voice.
"There was some support for things I did and said in the Championship, but there doesn't seem to be any in this division.
"Everyone else seems to subscribe to the way that business seems to be conducted and it is a way I find unacceptable, so we'll see."