Mark Hook and Alex Pike have stepped down from the Gosport Borough board.
The former chairman and first-team manager make way as Iain Sellstrom takes the reins of the Southern League outfit.
Gosport businessman Sellstrom will become the new chairman with Tony Stares, who had taken over in an short-term capacity, becoming his deputy.
The moves come as Borough battle to bring an end to the financial turmoil which has seen them served five winding-up orders in the past year.
A statement from the Privett Park club said: ‘We are delighted to announce a complete restructure of the club’s board and governance, following a period of review in the close season.
‘With immediate effect, Iain Sellstrom will take over as club chairman.
‘Iain is establishing a new board of diurectors with particular skills to provide a solid platform for the future development of the club.
‘A full statement on these appointments will be made at the earliest opportunity.
‘Tony Stares will step down from his acting role as chairman and will be appointed as vice-chairman with a particular focus on the footballing side of the club.
‘Mark Adams OBE will be appointed as executive officer and will be appointed to the new board.
‘He brings a breadth of experience in business and sport and will be pivotal in the developments.
‘Mark will work closely with Jane Pike in her capacity as finance director to ensure the current difficulties are addressed and the future plans of the club are based on solid financial sense.
‘Former chairman Mark Hook has stepped down from the board but has kindly offered his support as we move to the future.
‘Our thanks go to Mark for his efforts during his time as chairman and for his offer of support as we restructure the club.
‘Manager Alex Pike has also stepped down from his role as a board director, so he can concentrate on improving the fortunes of our respective teams.’
The club’s coaching staff will be retained in their current roles as the restructuring gets under way.
Sellstrom will look to fill a number of new positions ahead of the start of the Southern League season on August 12.
And he has already moved to extend the early-bird offer on season tickets to August 5.
The statement added: ‘A new bar manager and catering manager will be appointed before the new season starts.
‘We hope the refreshing of these services and facilities will encourage our fans back to the Inn Off The Post.
‘The chairman will shortly announce a fans’ forum, so that the club’s supporters can come along and hear the plans and, of course, raise any issues and concerns they may have.
‘It is his highest priority to get the community and the fans back to the club and help get the club back to its former glories.
‘As a starting point, the chairman has agreed to retain the early-bird offer on season tickets until August 5 to allow a further opportunity for fans to rally round and get behind the club.’
Scotsman Sellstrom is chairman of HE Electrical, a mechanical and electrical building services firm and a proud sponsor Borough.
He has lived in Gosport for 30 years and followed the club for much of that time.
Adams, meanwhile, grew up in Locks Heath but moved to London in the 1980s to embark on a successful career as a senior civil servant, serving in Downing Street under two prime ministers, and as a businessman.
He is the immediate past president of the London Chamber of Commerce & Industry and chairman of housing association Charlton Triangle Homes.