Bill Colvin has stepped down as chairman and a director of Dundee FC, and given up his shares in the club.
A statement issued by the Dark Blues has cited a “large and varied number of business commitments” for his departure.
Texan Tim Keyes, whose company made a substantial investment in the club along with Colvin and director Steve Martin two years ago, will take Colvin’s place on the board.
Football Partners Scotland, the consortium who have a controlling interest at Dens, have bought up his stake.
Colvin is confident that he is leaving Dundee “in safe hands”.
The Dundee statement read: “Dundee Football Club today announces that Bill Colvin has stepped down as chairman and also as a director.
“Bill has a large and varied number of business commitments both in the UK and overseas which have greatly restricted his time availability for the football club.
“Bill and his wife Pam first became shareholders in May 2011 to assist the club in exiting from administration and Bill subsequently became chairman in 2013 as part of the Football Partners Scotland (FPS) consortium that took control of the club.
“The other members of FPS have acquired Bill’s shareholding and they look forward to building upon the significant and rapid progress made by the football club since 2013 both on and off the field.
“Tim Keyes has agreed to join the board of the football club, and subject to the league’s fit and proper person test this will be confirmed at Dundee Football Club’s next board meeting in July.”
Colvin said: “The football club is in a much better financial position and a more stable managerial position than it was when Pam first got me involved back in late 2010, early 2011.
“This season’s top six SPFL finish is where this club should be and I was delighted to see all the hard work done by John Nelms, Paul Hartley and the rest of the team at Dens Park paying off for the fantastic Dee fans.
“I know I leave the club in the very safe hands of John and particularly the Keyes family who will be superb custodians of this famous football club.”
Managing Director John Nelms and newly-appointed director Tim Keyes said: “On behalf of the fans, staff and board of directors, we would like to thank Bill Colvin for his contributions to the success of the Dundee Football Club through his partnership with Football Partners Scotland.
“Bill and Pam have been an integral part of this organisation since 2011 and will always be a part of the DFC fabric. We wish the Colvins every success in their endeavours and hope to continue to see them both at Dens Park.
“The board and staff will continue to build upon the success that we have achieved over the past 22 months with the aim to remain in the top six of Scottish football for years to come.”