Existing director Kenny Cameron has been appointed to the new post of executive chairman with Inverness Caledonian Thistle.
He will succeed current chairman George Fraser, who will stand down at the annual meeting on 22 September.
The board decided that an executive appointment was necessary because of "on-going initiatives both at an operational and board level".
Caley Thistle hope to announce a substantial investment soon.
And Fraser told his club website: "Both Kenny and the board do not see this as a long-term arrangement.
"But the board was united as one in agreeing his appointment. I'm very pleased as he knows how this club ticks, has sound judgment and is committed to Caley Thistle going forward."
Cameron, who first joined the board nine years ago and has served in two separate spells and became operations director 15 months, said he felt "a combination of pride and humility" at accepting the new role.
"I look forward to working with my fellow directors, team manager Terry Butcher and all the staff at Tulloch Caledonian Stadium to help the club in any way I can," he said.
"Running a football club is a challenging business nowadays, but I relish this opportunity as I have confidence in their proven record of achievement, both on and off the park.
"On behalf of the board, I would like to thank George for his term as chairman.
"He has been a steadying hand on the tiller as we navigated our way through the choppy waters of relegation and promotion."
Cameron, a civil engineer who runs his own business consultancy and is also partner in a successful events firm who were instrumental in bringing Rod Stewart to a sell-out crowd at Caledonian Stadium last year, said negotiations were still taking place about new investment.
"We will be continuing discussions with the group of expatriates who are keen to invest in the club and pursuing every avenue to help Caley Thistle thrive and succeed," he added.